Hong Kong is home to dozens of crypto exchanges, including some of the world’s biggest. Photo: iStock

One of China’s biggest crypto exchanges, Huobi, appears to be planning to expand its operation in Hong Kong.

Huobi Technology Holding, the platform’s asset management subsidiary, has received the green light from the Hong Kong Securities and Futures Commission (SFC) to launch a crypto asset management portfolio, according to an announcement.

Huobi was granted “Type 4” and “Type 9” licenses by the SFC in July 2020. A Type 4 license allows a firm to provide securities investment advice and a Type 9 covers asset management, Cointelegrapgh reports.

The new firm, which is called Huobi Asset Management, is preparing to launch three crypto asset funds following the approval by the SFC, providing it meets the watchdog’s additional requirements, according to a Chinese media report.