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 Drive (FATF).
Entities offering crypto providers in Hong Kong should apply for a VASP license earlier than March 1. The appliance course of entails an evaluation of the entity based mostly on its accountable officers, match and correct checks, and applicable file maintaining, amongst different necessities.
Shaping the Hong Kong regulatory panorama
Talking to CNBC, Sun mentioned he’s 100% assured that Huobi can be granted a VASP license, given its standing within the Asia market.
“Positively, 100% assured for Huobi to get a license as a result of Huobi is likely one of the main blockchain platforms in Asia.”
The TRON founder went on file to say he thinks regulation “is nice for the trade,” extra so in Hong Kong attributable to consumer expectations of regulatory certainty.
On releasing the VASP license tips, Solar mentioned Huobi was the primary crypto alternate to use. He additionally disclosed holding talks with the SFC to advise on growing an applicable digital asset framework.
“The Hong Kong authorities desires to take recommendation from all totally different sorts of blockchain contributors.”
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. Nevertheless, Solar said that he had taken on an advisory function on the alternate.
Quick ahead to January, a press release concerning the firm’s current layoffs reported that the alternate is underneath Solar’s “management” in its “path to rebirth.”