- The exchange has already applied for virtual asset service provider status
- San said OKX, Gate.io, Bitget and ByBit, could also be licensed
Cryptocurrency exchange Huobi CEO and Tron founder Justin Sun announced that Huobi could receive a license to trade cryptocurrency in Hong Kong later this year.
Sun said the company applied last week to become a Virtual Asset Service Provider (VASP). Within an 18-month period, the regulator must review the application and approve or deny it. However, Justin believes a decision could be made within the next six to twelve months.
“Over the next 18 months, details of regulation will be determined, including requirements for customer withdrawals and anti-money laundering. During this grace period, Huobi Hong Kong will be able to operate in Hong Kong, accept customers, use banking services and serve its customers,” said Huobi’s CEO.
While there is no word on other Asian cryptocurrency exchanges applying for similar licenses, Sun believes that about five or six other players, such as OKX, Gate.io, Bitget and ByBit could also make such a move.
When asked about possible competition with Coinbase and Kraken in Canada, Sun said Huobi has no intention of operating in that country because of strict regulatory requirements.