The Hong Kong-based subsidiary of the prominent crypto exchange platform Huobi has recently announced that it will provide services to consumers within the country’s jurisdiction. On the 29th of this month, the crypto exchange declared that the platform will offer crypto-based spot trading services for both institutional as well as retail customers.
Huobi HK to Provide Services for Crypto Trading in Hong Kong
The crypto exchange took to its official Twitter handle to disclose the respective news. In addition to this, the company added that it expects this to be translated into reality because the firm has already applied to obtain a license in Hong Kong. As mentioned by the platform, it has applied to get a license that will permit it to operate as a platform providing services related to the trading of virtual assets.
Keeping this in view, the authorities of Hong Kong may let the platform serve the citizens living within the city’s boundaries. As per the reports, the crypto exchange filed an application notice on the 29th of May. The respective application notice has been submitted to the Securities and Exchange Commission of Hong Kong to seek a license to be a legitimate entity providing its services.
After getting a license from the regulatory agency of Hong Kong, the crypto exchange will be in a position to play a crucial role in advancing the jurisdiction in its innovative endeavour. This would lead Hong Kong toward becoming a worldwide hub covering Web3. As a result of this approval, the consumers will be allowed to sell, purchase, and hold top crypto assets like ETH and BTC tokens.
Hong Kong Expedites Its Endeavors to Support Cryptocurrency and Crypto Consumers
They will also be permitted to deal with the well-known cryptocurrencies that are listed on the autonomous index via Huobi HK. The crypto exchange has the objective of delivering an efficient trading experience that would facilitate Hong Kong-based Web3 users. The jurisdiction of Hong Kong has been recently making great endeavours to make rapid positive developments in the sector of financial technology.
In this respect, it has implemented several crypto-favoring policies. Apart from that, Hong Kong has recently declared the release of the crypto-related regulations. Details have also been provided by the Hong Kong Securities and Exchange Commission regarding the respective regulations.
