Key takeaways:

• Huobi HK has recently made an application for a regulated crypto exchange license in Hong Kong, confirming the submission on May 29.

• Huobi HK is currently providing spot trading services to both retail and institutional clients in the region.

Huobi, a cryptocurrency exchange firm, has introduced a new initiative called ‘Huobi HK’ to offer cryptocurrency trading opportunities to users in Hong Kong. On May 29, the company announced the availability of cryptocurrency trading services in Hong Kong, enabling users to buy, sell, and trade various major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and others.

Huobi HK has initiated the process of obtaining a license and has now launched its spot trading services in the region, catering to both retail and institutional clients. This development holds significant value for crypto enthusiasts who desire a dependable and reputable platform for conducting smooth transactions.

To uphold transparency and adhere to regulatory guidelines, Huobi HK has expressed its commitment to collaborating closely with auditors. Their objective is to maintain the utmost levels of accountability and meet the stringent requirements established by the Hong Kong Securities and Futures Commission (SFC).

Huobi HK aims to collaborate with independent auditors, according to the exchange’s translated statement. Over the course of six months, it intends to bolster the platform’s security measures. According to Huobi HK, compliance procedures and anti-money laundering techniques would be upgraded to adhere to regional laws.

It is important to note that, Following a recent announcement by the Hong Kong Securities and Futures Commission (SFC), licensed platforms will soon have the opportunity to serve retail investors. In a statement released on May 23, the SFC invited owners of virtual asset trading platforms to apply for a license if they are willing to comply with the SFC’s proposed regulations.

To safeguard retail investors and foster innovation, Hong Kong has recently implemented a cryptocurrency licensing framework for crypto exchanges. Several firms, such as BTSE, JPEX, and OKX, have expressed their intention to seek this license.

Operating under the main Huobi website, Huobi’s Hong Kong offering, known as Huobi HK, has announced its plans to list major cryptocurrencies including bitcoin and ether. This move was announced by the exchange on May 26.

The business thinks that Hong Kong’s regulation of web3 will hasten the adoption of cryptocurrencies worldwide. As a result, it intends to keep working with Hong Kong’s regulatory bodies to encourage the creation of a thriving web3 hub.