Huobi Scores Regulatory Approval from British Virgin Islands
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Huobi continues to receive official permits to offer its services around the world.
HuobiSeychelles digital asset service provider, is was authorized by the British Virgin Islands Financial Services Commission (FSC) to operate as a licensed virtual asset exchange.
By Press release distributed on September 9. once all the requirements are met, the company can offer spot trading for cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), derivatives trading and “other innovative products” and services.
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It is worth mentioning that regulation approval was granted to Huob’s subsidiary Brtuomi Worldwide Limited (BWL).
The company claims it is the first Digital Asset Trading Platform operator in the British Virgin Islands operating at an institutional level. Huobi Group states that it offers its services to both private investors and professionals.
“This landmark approval makes Huobi the first licensed digital asset exchange for institutional-level derivatives in the British Virgin Islands. It is a testament to our experience, professional knowledge and achievements in the global cryptocurrency industry,” said Houbi Group’s CFO. officer Lily Zhang.
Along with the approval of the authorities, the company became a member of FSC’s financial innovation sandbox. Participating in this sandbox makes it possible Huobi test new products and services and be part of the growing fintech sector.
Speaking about being part of FSC’s financial innovation sandbox, Houbi Group CFO Lily Zhang stated:
As compliance becomes increasingly important in the industry, we strive to meet all regulatory requirements as we expand. Going forward, we will work closely with the British Virgin Islands regulatory authorities to develop a suite of licensed trading products and services and promote the growth of the cryptocurrency industry in the region.
In other news at the end of July, Huobi got Approval by the Australian Transaction Reports and Analysis Center (AUSTRAC) to provide trading services in this country.