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.

(By Samuel Wan)

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