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Justin Sun 100% confident Huobi will obtain Hong Kong VASP license
Sun disclosed actively working with regulators to form an appropriate framework and is certain of Huobi being granted a license to operate in the region.
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Updated: Jul. 24, 2023 at 6:47 pm UTC
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Justin Sun says he is “100% confident” that Hong Kong’s Securities and Futures Commission (SFC) will grant Huobi a Virtual Asset Service Provider (VASP) license.
A new licensing regime was enacted on March 1 to address international compliance with Anti-Money Laundering and Counter-Terrorism Funding, as laid out by the Financial Action Task Force (FATF).
Entities providing crypto services in Hong Kong must apply for a VASP license before March 1. The application process involves an assessment of the entity based on its responsible officers, fit and proper tests, and appropriate record keeping, among other requirements.
Shaping the Hong Kong regulatory landscape
Speaking to CNBC, Sun said he is 100% confident that Huobi will be granted a VASP license, given its standing in the Asia market.
“Definitely, 100% confident for Huobi to get a license because Huobi is one of the leading blockchain platforms in Asia.”
The TRON founder went on record to say he thinks regulation “is good for the industry,” more so in Hong Kong due to client expectations of regulatory certainty.
On releasing the VASP license guidelines, Sun said Huobi was the first crypto exchange to apply. He also disclosed holding talks with the SFC to advise on developing an appropriate digital asset framework.
“The Hong Kong government wants to take advice from all different kinds of blockchain participants.”
Does Sun own Huobi?
Huobi was sold to About Capital Management in October 2022, sparking rumors that Sun and disgraced former FTX CEO Sam Bankman-Fried were involved with the deal.
Both denied involvement at the time. However, Sun stated that he had taken on an advisory role at the exchange.
Fast forward to January, a press release about the company’s recent layoffs reported that the exchange is under Sun’s “leadership” in its “path to rebirth.”
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Author 
Samuel Wan
Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.
Editor Editor 
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CryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data. Focusing on Bitcoin, macro, DeFi and AI.
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TRON is one of the largest blockchain-based operating systems.
Bitcoin
$64,106.00
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
HTX
Huobi, a virtual asset exchange, launched a revised branding strategy on September 13, 2023, where “Huobi” will be rebranded as “HTX.” “H” stands for Huobi, “T” represents TRON with a commitment to being all in TRON, and “X” stands for the exchange.
Justin Sun has carved a name for himself as a leading figure in the blockchain sector.
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.
