Justin Solar says he’s “100% assured” that Hong Kong’s Securities and Futures Fee (SFC) will grant Huobi a Digital Asset Service Supplier (VASP) license.
A brand new licensing regime was enacted on March 1 to handle worldwide compliance with Anti-Cash Laundering and Counter-Terrorism Funding, as laid out by the Monetary Motion Job Pressure (FATF).
Entities offering crypto providers in Hong Kong should apply for a VASP license earlier than March 1. The applying course of includes an evaluation of the entity based mostly on its accountable officers, match and correct assessments, and applicable document holding, amongst different necessities.
Shaping the Hong Kong regulatory panorama
Talking to CNBC, Sun stated he’s 100% assured that Huobi can be granted a VASP license, given its standing within the Asia market.
“Undoubtedly, 100% assured for Huobi to get a license as a result of Huobi is without doubt one of the main blockchain platforms in Asia.”
The TRON founder went on document to say he thinks regulation “is nice for the trade,” extra so in Hong Kong on account of shopper expectations of regulatory certainty.
On releasing the VASP license tips, Solar stated Huobi was the primary crypto alternate to use. He additionally disclosed holding talks with the SFC to advise on creating an applicable digital asset framework.
“The Hong Kong authorities desires to take recommendation from all totally different sorts of blockchain members.”
Does Solar personal Huobi?
Huobi was bought to About Capital Administration in October 2022, sparking rumors that Solar and disgraced former FTX CEO Sam Bankman-Fried have been concerned with the deal.
Each denied involvement on the time. Nonetheless, Solar acknowledged that he had taken on an advisory position on the alternate.
Quick ahead to January, a press launch in regards to the firm’s latest layoffs reported that the alternate is beneath Solar’s “management” in its “path to rebirth.”
