Justin Sun stated in an interview that crypto exchange Huobi Global is looking to move its Asia headquarters from Singapore to Hong Kong.

The exchange is requesting a crypto trading license in Hong Kong, according to Sun, an exchange advisor, and will open a new Hong Kong exchange to cater to the city’s institutional investors and high net worth individuals.

The Securities and Futures Commission (SFC) of Hong Kong released proposals on Monday for a new crypto licensing system that might permit retail investors to trade specific “large-cap tokens” on platforms that comply with the regime.

The SFC is accepting public comments on the proposals until March 31, 2023, with the new licensing regime set to go into effect on June 1, 2023.