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 Activity Pressure (FATF).
Entities offering crypto companies in Hong Kong should apply for a VASP license earlier than March 1. The appliance course of includes an evaluation of the entity based mostly on its accountable officers, match and correct exams, and acceptable file maintaining, amongst different necessities.
Shaping the Hong Kong regulatory panorama
Chatting with CNBC, Sun mentioned he’s 100% assured that Huobi shall be granted a VASP license, given its standing within the Asia market.
“Undoubtedly, 100% assured for Huobi to get a license as a result of Huobi is without doubt one of the main blockchain platforms in Asia.”
The TRON founder went on file to say he thinks regulation “is sweet for the business,” extra so in Hong Kong on account of shopper expectations of regulatory certainty.
On releasing the VASP license pointers, Solar mentioned Huobi was the primary crypto trade to use. He additionally disclosed holding talks with the SFC to advise on creating an acceptable digital asset framework.
“The Hong Kong authorities desires 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 have been concerned with the deal.
Each denied involvement on the time. Nonetheless, Solar acknowledged that he had taken on an advisory position on the trade.
Quick ahead to January, a press launch in regards to the firm’s current layoffs reported that the trade is beneath Solar’s “management” in its “path to rebirth.”