The cryptocurrency exchange known as Huobi Global is now in the process of applying for a license in Hong Kong, which comes at a time when China’s special administrative region is considering potential licensing and regulatory changes that would allow it to work with retail clients.

The new regulatory framework, which establishes that cryptocurrency exchanges must register with the Hong Kong Securities and Futures Commission (SFC), it would make it possible for the exchange to expand its service offerings to include the city. According to a thread started on Twitter by Justin Sun, Huobi intends to launch a new exchange in Hong Kong which will be called Huobi Hong Kong and will mainly cater to high net worth individuals and institutions.

The Securities and Futures Commission (SFC) has just made Hong Kong’s new licensing proposals publicly available, and the new regulations are scheduled to come into effect in June. As soon as financial service providers learned of the impending adjustments, they began making preparations to participate in the updated system in December.

During an interview with Nikkei Asia, Sun said that Huobi may increase the number of employees working in its Hong Kong office from 50 to 200 this year. He said the move was prompted by Hong Kong’s favorable position on cryptocurrencies, as well as the outlook for retail sales.

In January, Huobi said that as part of the company’s reorganization after Sun’s acquisition of the company in October, they would lay off 20 percent of their workforce. The cryptocurrency exchange said in February that “product and strategic modifications” would be the reason its Huobi Cloud Wallet would be discontinued in May.

According to Nikkei Asia, Huobi is reportedly considering moving its headquarters from Singapore to Hong Kong.

Huobi is also working to expand its service offerings elsewhere. It was revealed in January that the company is going to create a Visa-backed crypto-to-fiat debit card. Huobi customers living in the European Economic Area will be able to use this card everywhere Visa is accepted. It is anticipated that you will be able to purchase that card around the second quarter of this year.