Under current law, before cryptocurrency companies can provide regulated services to customers, they must submit a preliminary application to the SFC to consider licensing the business, as well as obtain a qualified audit opinion.
“For the next six months, Huobi HK will work with independent auditors and focus on the platform’s compliance with Hong Kong Securities Regulatory Commission security and anti-money laundering requirements,” the exchange said in a statement.
The Hong Kong administration of the exchange said that spot trading services are currently provided to customers through the exchange’s main resource Huobi.
However, in the near future users will be able to buy, sell and store crypto assets directly through accounts opened with Huobi HK.
In early May, Hong Kong Monetary Authority (HKMA) chairman Eddie Yue warned
cryptocurrency companies that they should not expect any indulgence from regulators, despite the region’s aspirations to become a hub for digital asset development.