Justin Sun, founder of Tron and Huobi advisor, said on CoinDesk TV that the crypto exchange Huobi may receive a trading license for Hong Kong by the end the year.

He said that the exchange had submitted a request to become a Virtual Asset Service Provider (VASP) in the last week. The application includes an 18 month grace period during which regulators may approve or reject it. Sun believes that there is a possibility for faster action.

He said in an interview that he believed the license would be granted within the next six-to-12 months.

Huobi Hong Kong is the exchange’s new headquarters after it moved from Singapore. The city has stated that they want to to become a virtual assets hub by this summer.

Sun believes that five to six more players will follow suit, including OKX Gate.io Bitget, ByBit and Bitget.

Sun, when asked if Huobi plans to compete with Coinbase or Kraken in Canada due to its strict regulations, said that Huobi does not plan to operate there.

Sun stated that he would work first on the friendly jurisdictions, which included the Caribbean, Hong Kong and Japan.

UPDATE: (June 2, 20,23, 16:53 GMT): Added direct quote from Sun about his prediction of the timing for a license.

Nelson Wang is the editor.