Hong Kong-listed digital-asset exchange Huobi has identified Hong Kong, Malaysia, and the Caribbean as its key regions for business. Huobi plans to expand its operations in Hong Kong. Justin Sun, an adviser at Huobi, said that Hong Kong is seen as one of the experimental zones for crypto development in China, one of its biggest reasons to expand in Hong Kong. Sun last year spent about USD1bn to purchase a roughly 60% stake in Huobi. The city had shifted policy by saying it wants to become a digital-asset hub, contrasting with tightening rules in Singapore in the wake of a crypto rout and blowups like the collapse of the FTX exchange. Sun, who is also the founder of Tron blockchain, said further steps will be taken to ensure Tron’s stablecoin USDD stays close to its US dollar peg.
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