Justin Sun says Huobi could get Hong Kong license in 6-12 months.

The founder of Tron and advisor to crypto exchange Huobi, Justin Sun, said on CoinDesk TV on Friday that Huobi could receive a crypto trading license in Hong Kong by the end of the year. Last week, the exchange submitted an application to become a virtual asset service provider (VASP), which comes with an 18-month grace period for regulators to approve or deny the application. Sun believes a decision could come within the next six to twelve months. During the grace period, Huobi Hong Kong can operate in the city, serve customers, and get their banking in order. The exchange recently moved its headquarters from Singapore to Hong Kong to take advantage of the city’s plans to become a virtual asset hub. Sun also believes that other Asia-based crypto exchanges, including OKX, Gate.io, Bitget, and ByBit, could make similar moves. However, Sun said that Huobi has no plans to operate in Canada due to its strict regulatory requirements, instead focusing on friendly jurisdictions like the Caribbean, Hong Kong, and Japan.

Edited by Nelson Wang.