Huobi Token Approved by the Japanese Regulator FSA for Trading on Huobi Japan


The Japanese financial regulator- Financial
Services Agency (FSA) has approved Huobi Token (HT) as a compliant crypto asset
for trading at the world’s second-largest digital asset trading market at Huobi
Japan. The token will enter the market for trading on Huobi Japan from May 1
onwards.
The native Huobi token has created history
by becoming the first leading token that has approved on this exchange for
trading. So far only 25 tokens have been permitted by the FSA whitelist owing
to its tightened regulatory stance for crypto assets.
Last year, the Japanese House of
Representatives have revised the Payment Service Act (PSA) and Financial
Instrument and Exchange Act (FIEA) which will be enforced from May 1 as well.
Expansion of Huobi Token’s
Ecosystem
Huobi aims to expand the ecosystem of Huobi
token worldwide, once its user adoption increases. Huobi will work with the
local regulators to achieve its wide adoption.
Huobi Token has recently been accepted as a
payment option for charitable donations for a nonprofit organization for one of
its Project HOPE. Huobi Token has also been integrated with a hotel booking
platform Travala.com earlier this year. HT will be recognized as a native
ecosystem token of Huobi Chain which is Huobi’s public blockchain for financial
institutions that is supposed to launch later this year.
Huobi has massive plans of expansion for
this token and thus it is focusing to take it beyond its ecosystem. It plans to
integrate the token with third-party partners such as international credit
cards, digital bank cards, blue-chip tech firms, and other global financial
businesses.
About Huobi Japan
Huobi Japan is the subsidiary of Huobi
Group which is the leading global blockchain company. Huobi Group is functional
in 170+ countries with millions of user base. It offers safe crypto trading and asset management services on its platform.
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Jayashree Ingle
CBW - External Analyst
INDIA