According to Huobi advisor and Tron founder, Justin Sun, Huobi exchange could receive a crypto trading license in Hong Kong by the end of the year. In a recent interview with Coindesk, Justin Sun said Huobi applied to become a virtual asset service provider (VASP) last week. The extension period is 18 months during which the regulatory authorities can approve or reject the application. However, Justin Sun believes that approval is likely to be faster than expected.
According to Justin Sun, it is currently expected that Huobi can receive the license in about the next 6 to 12 months. Huobi has moved its headquarters from Singapore to Hong Kong in hopes of launching Huobi Hong Kong after Hong Kong announced its ambitions to become a virtual asset hub this summer.
Justin Sun also said that there are likely five to six other crypto exchanges in Asia that are also making similar moves, including OKX, Gate.io, Bitget, and ByBit. However, it is unclear whether other crypto exchanges in Asia have applied for similar licenses.
When asked about its ability to compete with Coinbase and Kraken in Canada, Justin Sun said Huobi has no plans to operate in the country due to its strict regulatory requirements. He said that Huobi will focus on friendly jurisdictions first.
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