• Huobi crypto exchange plans to increase its presence in Hong Kong.
• Hong Kong recently enacted a new licensing regime that will enable more cryptocurrency investors to set up shop in the city.
• Justin Sun, an advisor at Huobi and founder of TRON blockchain ecosystem, shared his belief that Chinese crypto market is “on the rise”.
Huobi Exchange Sets Up Shop in Hong Kong
The Huobi crypto exchange has announced its plans to increase its presence in Hong Kong with the hope that the city’s pro-crypto tilt could signal an eventual relaxation of mainland China’s longstanding ban on digital assets. Justin Sun, an advisor at Huobi, made this announcement during an interview on Bloomberg TV.
Hong Kong Becomes Crypto-Friendly Hub
Late last year, Hong Kong changed its approach to cryptocurrencies so it can take advantage of Singapore’s tightening crypto regulations. This enabled the city to become a new digital asset hub in the region. Additionally, the Hong Kong Securities and Futures Commission (SFC) reportedly hired additional staffs to help manage virtual asset service providers and their activities thus making it an ideal location for Huobi exchange to grow its footprint while staying close to the China market.
Justin Sun Shares Bullish Belief About Crypto
Justin Sun also shared his bullish belief regarding the future of crypto in China through a tweet he posted on Jan 29th 2021. He said he would be positioning Huobi and TRON (TRX) to become mainstays in Hong Kong’s developing crypto market with a goal of dominating Chinese crypto market as well.
Advantage for Investors
The new licensing regime that was recently enacted by Hong Kong allows more cryptocurrency investors to set up shop in the city thus increasing their chances of success when trading digital assets. This move has made it easier for investors from around the world who are looking for a reliable platform where they can invest without having any restrictions or limitations imposed on them by their governments or other regulatory bodies like SEC or CFTC etc.
Conclusion
Huobi’s expansion into Hong Kong is seen as a sign that China may eventually loosen its stringent anti-crypto policies which have long prevented businesses from accessing such potentially large markets like China’s own economy. With Justin Sun being optimistic about Chinese crypto market’s future prospects, investors should see this as an opportunity they must not miss out on if they want to capitalize on such potential profits that might be available there soon enough when regulations are relaxed further down the line..