Justin Sun, founder of Tron DAO (TRX) and global advisor to Huobi, said that unified regulations will benefit the crypto industry. In an exclusive interview with CNBC, he said that global unified rules will further improve the blockchain.
Justin Sun
Sun explained that the advent of blockchain technology aims to set a global standard for financial interactions. Therefore, a proper international regulatory framework will be of great help to the crypto industry.
“I believe that unified regulation is also good for the industry, because blockchain itself focuses on providing unified standards for global payments. Therefore, we are also willing to work with governments to develop unified blockchain standards.”
Asia Dominates Next Bull Market
Sun stressed that the regulations would bring significant benefits to users in Asia who need “certainty and security”. Sun said that Asian markets “with clear regulation and transparency” will dominate the next cryptocurrency bull market in 2023 and 2024. A clear regulatory framework brings complete transparency to the market industry and attracts individuals with large assets.
Finally, Sun briefly touched on the competition between Singapore and Hong Kong to attract Web3 companies.
“They basically play different roles, especially with Hong Kong funding Web3 and Singapore tightening the rules for more regulation.”
According to Sun, the rest of the world can also take some steps to encourage the development of Web3 within its territory.
“I think that kind of competition will also happen between the U.S. government and other governments.”
Huobi to Obtain Hong Kong VASP License
Additionally, Sun is “100% confident” that Hong Kong’s Securities and Futures Commission (SFC) will grant Huobi a Virtual Asset Service Provider (VASP) license.
The new licensing regime was enacted on March 1 to address international compliance issues for anti-money laundering and countering the financing of terrorism initiated by the Financial Action Task Force (FATF). Therefore, organizations providing encryption services in Hong Kong must apply for a VASP license by March 1. The application process includes requirements such as institutional review of responsible personnel, testing and review of record-keeping procedures.
Sun said that based on Huobi’s position in the Asian market, he has 100% confidence in obtaining the VASP license.
“Of course, I have 100% confidence that Huobi will be licensed because Huobi is one of the leading blockchain platforms in Asia.”
According to the Tron founder, Huobi is the first cryptocurrency exchange to adopt the VASP licensing principle at launch. He also revealed that they are in talks with the Securities Regulatory Commission to provide advice on developing an appropriate framework for digital assets.
Does Sun own Huobi?
Huobi was sold to About Capital Management in October 2022, sparking rumors that Sun and former FTX CEO Sam Bankman-Fried were involved in the deal.
Both denied involvement at the time. However, Sun claimed that he held an advisory role for the exchange.
However, in the company’s January 2023 layoff press release, the exchange appears to be on a “road of reincarnation” under Sun’s leadership.
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