The native token of the Huobi Group’s cryptocurrency exchange, Huobi Token, has been handed a full approval by Japan’s Financial Services Agency, becoming the first token of a global exchange to get the accent.
Following the approval from the Japanese FSA that is in charge of overseeing regulations related to banking, securities, and exchanges, the Huobi token will go live on its Japanese subsidiary exchange as a full compliant cryptocurrency.
The token will be live on the exchange, Huobi Japan, with trading pairs BTC, XRP, ETH, LTC, BCH, and the Japanese yen. This, according to Houbi group, will let people in Japan buy digital assets at ease and cheaper rate.
Huobi Token achieved the latest development despite claims that Japan, among countries of the world, has one of the most stringent regulatory policies, making the token one of 26 crypto assets that is compliant under the FSA rule. Thus, it is a great one for the Huobi Group as Japan ranks the world’s second-largest cryptocurrency market with over 6 million crypto investors.
While pledging that Houbi’s commitment towards FSA regulation remains solid, the CEO of Huobi in Japan, Haiteng Chen, said the latest achievement is an indication of the company’s dedication toward global compliance. Chen said he’s excited that the company can now let locals buy crypto with ease.
While the Japanese Finance Ministry has been prudent and strict in certifying crypto exchange, Huobi Japan has been working with FSA to ensure regulatory compliance and get a proper license for operation since 2018.
The Japanese local exchange was handed the Kanto Finance Bureau No. 0007 license in the fourth quarter of 2018. This allowed Huobi Japan to support 10 trading pairs, 6 crypto assets, and the Japanese Yen as the only fiat-to-crypto on-ramp service.
The stringency of the Japanese government was birthed by the huge crypto fund carted away from Mt.Gox in 2014. At that time, about $450 million in crypto was pilfered from the exchange, resulting in the largest crypto scam.
However, the latest development is a signal that licenses for cryptocurrency exchanges or tokens is not impossible in the country especially if the FSA regulatory compliance is satisfied.