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.Huobi Japan has been formed in 2018 after receiving the Kanto Finance Bureau No. 0007 license from the Japanese Ministry of Finance. This permits the exchange to support 10 trading pairs, six digital assets, and fiat-to crypto-on- ramp for the Japanese fiat currency Yen.
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CBW - External Analyst