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Huobi Acquires a Licence to Handle Crypto Assets in Hong Kong

Cryptocurrency Speculator - Max

A subsidiary of Huobi has been granted the green light to run a crypto investment fund by authorities in Hong Kong.

Huobi, one of China's main cryptocurrency trading sites, seems to be continuing to expand its market following the latest regulatory approval in Hong Kong.

As per an authorized statement by Huobi Technology Holdings Ltd., the company's wealth management division has obtained permission from the Hong Kong Securities and Futures Commission to introduce a crypto asset management portfolio.

The news is a follow-up to Huobi's "Type 4" and "Type 9" SFC licenses back in July 2020. In Hong Kong, the Type 4 licensing allows a firm to serve as a stock investment advisor, while the Type 9 license includes wealth management.

Dubbed Huobi Asset Management, the company is now planning to open three cryptocurrency asset funds after authorization by the SFC, as per reports in Chinese media. Even so, the launch would depend on the fund compliance with the additional conditions provided by the SFC.

Tweeting Thursday, Beijing-based reporter Colin Wu said that Huobi's entrance into the crypto asset management arena can encourage Asian institutional investors to accept crypto investments. Wu also confirmed that Huobi's proposed crypto asset management fund will contain both Bitcoin (BTC) and Ether (ETH).

As per data from the Messari crypto research firm, Huobi is second only to Binance in terms of actual spot trading value.

Huobi's crypto asset management license from the SFC arrives in the midst of rumours that regulators in Hong Kong are near to banning retail crypto trading. Even so, Huobi is one of the communities of global cryptocurrency exchanges who challenge the validity of the step.

Regarding China's ban on crypto trading and initial coin offerings in 2017, most Chinese exchanges moved elsewhere, though Hong Kong and Japan were preferred by destinations at the time.

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