• Huobi, one of the largest cryptocurrency trading exchanges, is looking to expand its services to China.
• The Chinese government had previously placed some restrictions on cryptocurrencies in order to protect citizens from scams and risks.
• Hong Kong plans to resume its interest in the crypto industry by legalizing retail crypto trading with a mandatory licensing regimen.
Huobi Expansion In Hong Kong
One of the largest cryptocurrency trading exchanges, Huobi, is now considering expanding its services to China. Huobi Chief Justin Sun believes this will be a massive turnaround for the firm in the hopes that China will contribute positively to its growth. Before now, the China government placed some restrictions on cryptocurrencies. The idea was to keep its citizen safe from possible scams and risks in the crypto space. It also warned the citizens to avoid transactions with crypto, stating that they are illegal. But it appears that the narratives are about to change in Hong Kong.
Hong Kong’s Legalization Of Crypto Trading
Hong Kong plans to resume its interest in the crypto industry by legalizing retail crypto trading. However, according to a Bloomberg report in October 2022, the city will impose a mandatory licensing regimen from March 2023. So, Huobi’s decision to expand its services to the region will favor the exchange and the crypto investors in Hong Kong. The regulation will lift the ban on crypto transactions allowing the exchange to operate freely and the investors to transact confidently. According to Justin Sun, Hong Kong is suitable for crypto transactions. He revealed this information in an interview with Bloomberg TV.
Huobi’s Challenges Earlier This Year
Just like several other crypto exchanges, Huobi also faced some difficulties in early period of 2023 when it witnessed increased withdrawals from users amounting up over $60 million within 24 hours .
However it overcame this challenge as well as many others posed by governmental regulations set around cryptocurrency investing .
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Conclusion
Huobi’s decision bring their services into Hong Kong could help revive citizen’s interests back into cryptocurrency investments as well as provide them with more exposure and understanding towards digital currencies through legal means .