Justin Sun Predicts Huobi May Get Hong Kong License in 6 to 12 Months
- Business
- June 3, 2023
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He said that other exchanges such as Gate.io Bitget, OKX and ByBit could also apply for licenses.
Justin Sun, founder of Tron and Huobi advisor, said on CoinDesk TV that the crypto exchange Huobi may receive a trading license for Hong Kong by the end the year.
He said that the exchange had submitted a request to become a Virtual Asset Service Provider (VASP) in the last week. The application includes a grace period of 18 months during which regulators may approve or reject it. Sun believes that there is a possibility for faster action.
During the interview, he stated that “right now we are predicting probably we will get the license within the next 6 to 12 months.”
Justin Sun, founder of Tron and Huobi advisor, said on CoinDesk TV that the crypto exchange Huobi may receive a trading license for Hong Kong by the end the year.
He said that the exchange had submitted a request to become a Virtual Asset Service Provider (VASP) in the last week. The application includes a grace period of 18 months during which regulators may approve or reject it. Sun believes that there is a possibility for faster action.
He said in an interview that “Right Now we Predict Probably We Will Have The License In The Next Six to Twelve Months.”
Huobi Hong Kong is the exchange’s new headquarters after it moved from Singapore. The city has stated that they want to to become a virtual assets hub by this summer.
Sun believes that five to six more players will follow suit, including OKX Gate.io Bitget, ByBit and Bitget.
Sun, when asked if Huobi plans to compete with Coinbase or Kraken in Canada due to its strict regulations, said that Huobi does not plan to operate there.
Sun stated that he would work first on the friendly jurisdictions, which included the Caribbean, Hong Kong and Japan.
