Justin Sun says he is “100% certain” that Hong Kong’s Securities and Futures Commission (SFC) will grant Huobi a Virtual Asset Service Provider (VASP) license.
New licensing system enacted March 1st To address international compliance with anti-money laundering and counter-terrorism financing as set forth by the Financial Action Task Force (FATF).
Entities providing virtual currency services in Hong Kong must apply for a VASP license by 1 March. The application process includes, among other requirements, an evaluation of the entity based on the officer in charge, suitability and appropriate testing, and good record keeping.
Shaping the Hong Kong regulatory landscape
In an interview with CNBC, Sun Given its position in the Asian market, we are 100% confident that Huobi will be granted a VASP license.
“Without a doubt, we are 100% confident that Huobi will be licensed, because Huobi is one of the leading blockchain platforms in Asia.”
TRON’s founders have gone on record to say they think regulation is “good for the industry”, and even more so in Hong Kong, with client expectations for regulatory certainty.
Regarding the release of VASP licensing guidelines, Sun said Huobi was the first cryptocurrency exchange to apply. He also revealed that he will hold talks with the SFC to advise on the development of a suitable digital asset framework.
“The Hong Kong government would like to take advice from all kinds of blockchain participants.”
Does Sun own Huobi?
Huobi was sold to About Capital Management in October 2022, with rumors circulating that Sun and the infamous former FTX CEO Sam Bankman-Fried were involved in the deal.
At the time, both denied any involvement. However, Sun said he has taken on an advisory role at the exchange.
Fast forward to January. press release Regarding the company’s recent layoffs, the exchange reported that it was under Sun’s “leadership” on its “road to rebirth.”