The Japanese Financial Services Agency has approved Huobi Japan to register as a Type 1 Financial Instruments Business. This will enable the exchange to trade, underwrite and manage cryptocurrency derivatives.
Huobi Japan released the news in a press release yesterday. The approval will allow Huobi Japan to offer other services besides derivatives, which include offer trading and market making services.
Of the 34 cryptocurrency exchanges currently operating in Japan, only 7 hold this type of license, which can only be granted to those holding specific quantities of crypto assets.
Huobi Japan CEO Haiteng Chen stated:
“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 token, the native cryptocurrency token of the Huobi exchange, has also received regulatory approval from the Japanese authorities as a “fully compliant crypto asset”.
Huobi Japan will offer 14 cryptocurrencies for spot trading. These will include Bitcoin, Ethereum and the Huobi token.
Huobi Japan is dedicated to providing a quality, secure exchange for Japanese users, and it is also looking to expand its services in Japan.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
