Huobi, a crypto exchange, could receive a virtual asset service provider (VASP) license in Hong Kong as soon as the end of the year, according to Huobi advisor and Tron founder Justin Sun. Sun said during a CoinDesk TV interview on Friday that the exchange submitted an application last week, which includes an 18-month grace period for regulators to approve or deny the application. However, Sun believes the process could be expedited. Right now we predict probably we will have the license in the next six to 12 months, he said.
Huobi recently moved its headquarters from Singapore to Hong Kong in order to launch Huobi Hong Kong, as the city is looking to become a virtual asset hub as soon as this summer. Sun believes that five to six other players, such as OKEx, Gate.io, Bitget, and ByBit, could also make the move.
When asked about possibly competing with Coinbase and Kraken in Canada, Sun said Huobi has no plans to operate in the country due to its strict regulatory requirements. I’ll work on all the friendly jurisdictions first, Sun said, referring to the Caribbean, Hong Kong, and Japan in general.