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 deal with worldwide compliance with Anti-Cash Laundering and Counter-Terrorism Funding, as laid out by the Monetary Motion Process Power (FATF).
Entities offering crypto providers in Hong Kong should apply for a VASP license earlier than March 1. The applying course of entails an evaluation of the entity based mostly on its accountable officers, match and correct assessments, and applicable file retaining, amongst different necessities.
Shaping the Hong Kong regulatory panorama
Talking to CNBC, Solar stated he’s 100% assured that Huobi shall 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 sweet for the trade,” extra so in Hong Kong as a result of shopper expectations of regulatory certainty.
On releasing the VASP license tips, Solar stated Huobi was the primary crypto change to use. He additionally disclosed holding talks with the SFC to advise on growing an applicable digital asset framework.
“The Hong Kong authorities needs to take recommendation from all totally different sorts of blockchain individuals.”
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 had been concerned with the deal.
Each denied involvement on the time. Nevertheless, Solar said that he had taken on an advisory function on the change.
Quick ahead to January, a press launch concerning the firm’s current layoffs reported that the change is beneath Solar’s “management” in its “path to rebirth.”
