Huobi Japan, a bitcoin and crypto exchange company, at this time introduced it has acquired approval from Japan’s Financial Services Agency (FSA) to register as a Type I Financial Instruments Business, as designated beneath the Financial Instruments and Exchange Act.
This will allow Huobi Japan to interact within the buying and selling, underwriting, and administration of cryptocurrency derivatives, in addition to function derivatives buying and selling methods. The FSA is the chief regulatory authority for monetary companies in Japan, overseeing the banking, securities and exchange, and insurance coverage sectors.
Currently, solely seven out of the overall 34 cryptocurrency exchanges in Japan possess this license, which requires the holder to meet particular asset ranges. Without this license, the cryptocurrency exchanges could solely offer restricted spot buying and selling companies of cryptocurrencies for patrons.
“We’re very excited to have reached this milestone. It will enable us to expand business beyond spot trading and fuel the next phase of our growth in Japan. Going forward, we plan to develop a number of crypto derivatives products to meet the growing demands of the market.”
– Huobi Japan CEO, Haiteng Chen
In June 2020, Huobi Token (HT) acquired approval from native regulatory authorities in Japan to checklist HT as a totally compliant crypto asset. Going ahead, Huobi Japan plans to significantly expand its buying and selling companies and capabilities in Japan. As of September 2021, Huobi Japan provides spot buying and selling companies of 14 cryptocurrencies, together with Bitcoin (BTC), Ethereum (ETH), and Huobi Token (HT).