Justin Sun, founder of the Tron blockchain and the man who runs the Huobi crypto exchange, is ready for that change. He said in a tweet Monday that Huobi would apply for a virtual asset service provider (VASP) license in Hong Kong under new requirements to operate that go into effect in June. If approved, the exchange would then launch Huobi Hong Kong.
“Eventually, since Huobi is one of the leading blockchain exchanges in the region … I definitely [have] confidence Huobi will secure the license,” he told CoinDesk TV’s “First Mover” on Wednesday.
And then there's the looming presence of China.
“Beijing sees Hong Kong as one of the experiment zones for cryptocurrency,” Sun said.
Sun thinks China is looking at Hong Kong as a kind of experiment, to see if crypto can be regulated on the mainland. If Hong Kong suceeds it could create a change of attitude in Beijing. "So that's why they want to see Hong Kong do it first," he said. "And then you see the result. If it has positive feedback, they might change the policy in mainland China as well."
“That’s why I think right now [the] Hong Kong government is taking a very transparent and flexible way to discuss crypto regulation with market participants,” Sun said. He added the Huobi exchange has been in talks with SFC regulators to discuss the future of stablecoin regulation.
“I believe Asia’s capital will be a driving force for the next bull run for [the] crypto market,” he said.
CORRECTION (Aug. 8, 2023, 15:04 UTC): Fixes reference to OKX to say the company plans to apply for a Hong Kong license, not that it already has.
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