Justin Sun 100% confident Huobi will obtain Hong Kong VASP license

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 Activity Power (FATF).

Entities offering crypto companies in Hong Kong should apply for a VASP license earlier than March 1. The applying course of entails an evaluation of the entity primarily based on its accountable officers, match and correct exams, and acceptable report protecting, 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 likely one of the main blockchain platforms in Asia.”

The TRON founder went on report to say he thinks regulation “is nice for the business,” extra so in Hong Kong resulting from shopper expectations of regulatory certainty.

On releasing the VASP license tips, Solar mentioned Huobi was the primary crypto trade to use. He additionally disclosed holding talks with the SFC to advise on growing an acceptable digital asset framework.

“The Hong Kong authorities needs 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 position on the trade.

Quick ahead to January, a press release in regards to the firm’s current layoffs reported that the trade is underneath Solar’s “management” in its “path to rebirth.”

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