Digital asset exchange Huobi Global has unveiled a new roadmap for its international expansion focusing on Southeast Asia and the Caribbean. The company disclosed its plan via a press statement while revealing details of a name change.
The press conference noted that the exchange will be ditching the tag ‘Global’ going forward and be known as Huobi. The new name is composed of two Chinese characters, the first representing perpetual vitality and the second showcasing the determination to win.
“The symbolism behind the two Chinese characters means the new Huobi will serve from its heart in providing professional virtual asset management services to global users,” read the statement.
Huobi noted that it will explore merger and acquisition opportunities in Southeast Asia while still inching forward to European and African markets. The exchange added it would hire world-class talent and innovative marketing strategies to bolster its push to be part of the top three digital asset exchanges.
The Caribbean will play an integral role in the global expansion plans of the exchange as it looks to set up a new headquarters in the region. Justin Sun, an advisory board member of Huobi, hinted that the country could set up shop in the Dominican Republic.
Sun said that the choice of the Caribbean was easy because it “is well positioned as a virtual assets hub with its welcoming regulatory stance, common law systems, and the use of English language.” Already, employees in Seychelles are being encouraged to relocate to the new headquarters in the Caribbean.
“In terms of compliance, Huobi will continue to abide by regulatory policies wherever it operates, stepping up cooperation with other countries and building a compliant operating model for doing business globally,” read the roadmap.
The allure of the Caribbean
Digital asset firms are creating their paradise on the beaches of the Caribbean, drawn by the allure of friendly regulations and for being a tax haven. FTX set the pace when it announced that it was moving its headquarters to the Bahamas, and at that time, the firm’s founder cited regulatory clarity as the main reason for the move.
“We’ve been looking for a place that we feel comfortable establishing our headquarters at, and that has to be a place where we feel like there’s clarity from regulators,” said Bankman-Fried. “We’ve been really excited about the clarity that the Bahamian regulators have given.”
Other islands in the region, like Barbados, Antigua, Saint Kitts, and Nevis, are also keen on attracting digital asset exchanges to set up headquarters in their countries.
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