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 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 assessments, and acceptable report retaining, amongst different necessities.
Shaping the Hong Kong regulatory panorama
Chatting with CNBC, Sun mentioned he’s 100% assured that Huobi can be granted a VASP license, given its standing within the Asia market.
“Positively, 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 sweet for the business,” extra so in Hong Kong because of shopper expectations of regulatory certainty.
On releasing the VASP license tips, Solar mentioned Huobi was the primary crypto alternate 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 completely different sorts of blockchain individuals.”
Does Solar personal Huobi?
Huobi was offered to About Capital Administration in October 2022, sparking rumors that Solar and disgraced former FTX CEO Sam Bankman-Fried had been concerned with the deal.
Each denied involvement on the time. Nonetheless, Solar acknowledged that he had taken on an advisory function on the alternate.
Quick ahead to January, a press launch in regards to the firm’s current layoffs reported that the alternate is underneath Solar’s “management” in its “path to rebirth.”