Huobi, one of the largest cryptocurrency exchange platforms in China, appears to be pursuing further expansion of its business following the recent regulatory clearance in Hong Kong.
According to an official announcement by Huobi Technology Holdings Ltd., the company’s asset management subsidiary has secured approval from the Hong Kong Securities and Futures Commission to launch a cryptocurrency asset management portfolio.
The news is a follow-up to Huobi securing “Type 4” and “Type 9” licenses from the SFC back in July 2020. In Hong Kong, a Type 4 license enables a company to act as a securities investment adviser while a Type 9 license covers asset management.
Dubbed Huobi Asset Management, the firm is now looking to launch three cryptocurrency asset funds following the approval by the SFC, according to reports in Chinese media. However, the launch will be contingent on the fund complying with additional provisions issued by the SFC.
Tweeting on Thursday, Beijing-based reporter Colin Wu remarked that Huobi’s entry into the crypto asset management arena may incentivize institutional investors in Asia to consider crypto investments.
Wu also stated thatTitle: Huobi secures crypto asset management license in Hong Kong
Sourced From: cointelegraph.com/news/huobi-secures-crypto-asset-management-license-in-hong-kong
Published Date: Thu, 04 Mar 2021 09:45:36 +0000