Huobi Token (HT) Becomes First Exchange Token Approved in Japan
Japan’s Financial Services Agency (FSA) approved of Huobi Global’s native exchange token Huobi Token (HT). This is the first exchange token to receive approval in Japan, which is the world’s second largest digital asset trading market.
The Huobi Token joins 25 other compliant tokens approved by Japan’s FSA. Considering the difficulty in gaining regulatory approval in Japan, this approval “marks a major milestone for Huobi’s ongoing effort towards global compliance.”
Last year, FSA regulators tightened regulations and amended laws in order to create a more defined meaning of a ‘crypto asset.’ This occurred through the passing of the Payment Services Act (PSA) and the Financial Instruments and Exchange Act (FIEA) in May of last year. Some of the changes include updating the term “virtual currency” was amended to “crypto assets,” new regulations for ICO’s, and new regulations governing crypto asset margin trading. Enforcement of these adopted measures are expected to begin on May 1.
Huobi Japan, a subsidiary of Huobi Group, will be the first entity to support the Huobi Token when trading begins. The subsidiary received the “Kanto Finance Bureau No. 0007” license issued by the Japanese Ministry of Finance, which allows the Huobi Japan platform to support 6 digital assets, 10 trading pairs, and a fiat-to-crypto gateway for the Japanese yen.
In addition to regulations for blockchain or cryptocurrency-based companies or services, Japan is looking towards a digital version of the yen in order to remain ahead of the competitive curve, countering moves by China to pursue its own central bank digital currency (CBDC). Norihiro Nakayama, the vice minister of the Japanese parliament said to Reuters:
“China is moving toward issuing digital yuan, so we’d like to propose measures to counter such attempts…The first step would be to look into the idea of issuing a digital yen.”
About Huobi Group
This leading global blockchain company founded by Leon Li in 2013 offers cryptocurrency trading and asset management services to millions of users in over 170 countries. The Huobi Global exchange accumulative turnover exceeds $3 trillion USD.
Learn more about this company at: Huobi.com