Hong Kong: Huobi Exchange Subsidiary Bags Two Important Licenses from the SFC
Huobi Asset Management, the Hong Kong-based asset management subsidiary of Huobi Technology Holdings, has been granted a Type 4 (advising on securities) and a Type 9 (asset management) license by the Securities and Futures Commission (SFC), according to a report on August 3, 2020.
Huobi Crypto Exchange Sees More Wins
Barely four months after its native altcoin, Huobi Token (HT) got into the history books as the first exchange token approved by Japan Financial Services Agency (FSA), leading bitcoin (BTC) trading venue Huobi Global has reached another significant feat in Asia.
Per sources close to the matter, Huobi Asset Management has announced that it has successfully secured a Type 4 and a Type 9 license from the Securities and Futures Commission (SFC) on July 31, 2020.
Specifically, the Type 4 license will enable the firm to provide securities advisory services to its clients, while the Type 9 license gives the firm the legal right to provide asset management services to its institutional customers.
Bringing Institutional Money into Crypto
For those who are unaware, Huobi Asset Management is a subsidiary of Huobi Technology Holdings and both firms are under the Huobi Global crypto exchange.
At a time when institutional investors are increasingly buying bitcoin (BTC) and other cryptocurrencies, Elaine Sun, the Compliance Director at Huobi Tech says the new license would enable the firm to further bridge the gap between the traditional financial ecosystem and the crypto space.
In her words:
“The Asset Management Arm is manned by a team of investment experts with extensive traditional securities investment experience and massive deep knowledge in blockchain and the crypto industry. As a fully compliant trusted platform, we are optimistic that the firm could further bridge the gap between traditional and digital asset class investments and provide our professional investors with integrated solutions.”
It’s worthy of note that Huobi exchange has been contributing its bit to the growth of the crypto industry by offering its users useful products and services.
Earlier in April 2020, BTCManager informed that Huobi Global had joined forces with Cred (LBA), to enable users of Huobi Wallet to access crypto lending and borrowing services via Cred’s platform.
At press time, Huobi Token (HT) is trading at $4.54, with a market capitalization of $979.6 million, as seen on CoinMarketCap.