Huobi Applies for Hong Kong Cryptocurrency Trading License and Launches Offshore RMB Stable Currency

02/20/2023 14:11 • Crypto & Markets • 73 views

On February 20, Sun Yuchen, a member of Huobi’s Huobi Global Advisory Committee, announced that Huobi was applying for a Hong Kong cryptocurrency trading license. On the same day, the official website of Huobi announced the launch of the offshore RMB stable currency TCNH. It is reported that TCNH is a 1:1 stable currency for anchoring offshore RMB deployed on the TRON network, and Hong Kong is one of the main circulation places of offshore RMB.

Huobi launched offshore RMB stable currency TCNH

Interpretation of the news:

Huobi, one of the leaders in the cryptocurrency exchange industry, recently made two significant announcements that are expected to have a massive impact on the market. First, Sun Yuchen, a member of Huobi’s Huobi Global Advisory Committee, confirmed that the exchange is applying for a cryptocurrency trading license in Hong Kong. Secondly, Huobi launched the offshore RMB stable currency TCNH.

Huobi’s push to acquire a cryptocurrency trading license in Hong Kong is a strategic move that will help the company to expand its services in the region. Hong Kong is an important Asian financial center, and it provides a regulatory framework for cryptocurrency firms to operate with some level of oversight. With a license to operate in Hong Kong, Huobi can attract more investors looking to trade digital assets, especially given the growing popularity of cryptocurrencies in Asia.

Beyond its licensing endeavors, Huobi has also launched an exciting new product called TCNH. TCNH is a stable currency that is linked to the offshore RMB, and it was deployed on the TRON network. TCNH is designed for investors looking for more stable digital assets to trade. Unlike other digital currencies, TCNH will not fluctuate as much, which is an ideal investment vehicle for investors who do not wish to take on a significant level of risk. Moreover, the RMB is one of the main currencies used in Hong Kong, which creates another perfect opportunity for Huobi to expand its presence in the region.

Huobi’s recent moves show that the company is not only committed to providing exceptional services but is also looking to the future of cryptocurrency trading. Acquiring a license to operate in Hong Kong is a significant step towards meeting that goal. Furthermore, the launch of TCNH provides a viable alternative to the more volatile digital assets currently available for trading.

In conclusion, Huobi’s recent push into Hong Kong is a strong signal that the company is willing to go the extra mile to succeed. The cryptocurrency industry is still relatively new, and it will take time to establish trust and credibility, but having a license to operate in an industry hub like Hong Kong will help. Also, its new RMB stable currency TCNH offers investors another option to diversify their portfolios. Overall, Huobi’s recent moves represent a significant expansion of the company’s services and ongoing efforts to stay ahead of the game in the cryptocurrency trading world.

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