Cryptocurrency exchange Huobi Global is seeking to relocate its Asia headquarters from Singapore to Hong Kong, Justin Sun told Nikkei Asia in an interview published Monday.
See related article: Hong Kong begins public consultation on crypto licensing regime
- Huobi plans to expand its headcount in Hong Kong from 50 to 200 by this year.
- Sun, an advisor to the exchange, said on Twitter on Monday that the exchange is applying for a crypto trading license in Hong Kong, and will be launching a new Hong Kong exchange to serve local institutional investors and high net worth individuals.
- Hong Kong’s Securities and Futures Commission (SFC) published proposals Monday for a new crypto licensing regime that may allow retail investors to trade certain “large-cap tokens” on compliant platforms.
- The SFC is receiving public comments on the proposals until Mar. 31, and the new licensing regime is expected to take effect on June 1, 2023.
- Sun has been a member of Huobi’s global advisory board since last October.
- Huobi laid off 20% of its staff last month, citing the worsened crypto bear market.