In addition to having the sixth largest cryptocurrency exchange in the world, Huobi Technologies is now aiming for another cryptocurrency service. In details shared with Cointelegraph, the company announced its new crypto OTC services.
Huobi's new OTC cryptocurrency
As for over-the-counter services, Huobi's technology will allow investors to trade crypto simply by using fiat currencies and crypto block trading services. In the announcement, Huobi also specified that for the moment, the only acceptable fiat currency is the US dollar.
However, the company will still expand to the euro, the British pound and the Hong Kong dollar in the future.
There is already a strong presence of the company in the cryptocurrency market. Transactions on the Huobi exchange amount to more than $ 1,6 billion. Huobi Token also has a market cap of nearly $ 2 billion.
This service will now have access to more non-crypto mainstream audiences than ever.
The effects of China
Hong Kong is a special administrative region of the People's Republic of China. While Hong Kong is a part of China, it is autonomous with respect to Chinese rules and regulations. The same autonomy also extends to the regulation of cryptocurrencies.
Il China's ban on mining and trading of crypto does not affect the legal status of crypto in Hong Kong.
Although the country is trying to put regulation in place in the country. Last month, Hong Kong's central bank announced its new cryptocurrency regulatory regime plans.
According to the bank, the regulator will be ready by July. It will focus on stablecoins, investor protection and institutional practices with digital assets.
Hong Kong is very positive about cryptocurrencies, as it has not levied any cryptocurrency tax in the country. Additionally, no long-term capital gains tax is applicable to profits made from the sale of cryptocurrencies.
However, the regular movement of money will turn cryptocurrencies into a means of income. And then the income tax would be applied to the citizen.