Huobi Group is planning to expand its crypto business in the international market with very high potential. For this company chose Singapore for its regional headquarter.
Huobi is a popular crypto exchange. This is the most popular crypto exchange in China but due to China’s crackdown on crypto mining activities, Huobi suspended all operations for the China mainland users by the end of this year completely.
After China, the Huobi crypto exchange announced to stop crypto offerings for the users of Singapore on 31 March, to follow the instructions of the regulatory body of Singapore.
In the past, this exchange faced a double negative attack on its crypto business. But now the company is ready to move on toward high-level growth. Huobi chose Singapore to establish its regional headquarter.
As we know, the Huobi crypto exchange is not available in Singapore but the entity of its company Huobi Singapore is working in Singapore to start its crypto offerings.
Huobi Singapore is a part of the Hong Kong-listed Huobi Technology Holdings. So overall it is trying to cover the Singaporean crypto users uniquely.
Right now, the company applied for the Major Payment Institution Licence, in line with the Payment Services from the regulatory body MAS ( Monetary Authority of Singapore) to start crypto offerings.
Singapore: A heaven for crypto businesses
At the present time many crypto businesses in Singapore, which are running crypto offerings under compliance. And also the regulatory bodies of Singapore are in favour of these crypto-related services and they are not thinking about any kind of threat to the traditional financial economy because of a better regulatory framework on the crypto industry.
Currently, many Chinese crypto companies and entrepreneurs are living in Singapore. In particular, the CEO of the biggest crypto exchange Binance also has home in Singapore. Now, Huobi is trying to establish another crypto hub in Europe.
Read also: Crypto.com buys Nadex and the Small Exchange