Huobi Token Becomes First Exchange Token Approved By Japanese Regulators
Japanese financial regulator, Japan Financial Services Agency (FSA), has approved Huobi Global’s native exchange token, Huobi Token (HT) as a compliant crypto asset to trade in the world’s second-largest digital asset trading market. HT will begin trading on Huobi Japan in May.
FSA Approves Huobi Token
HT is the first leading exchange platform token to pass regulatory scrutiny as it joins 25 other compliant tokens that have already been approved by the Japanese FSA. With Japan positioned as one of the more thorough and meticulous regulatory bodies that is driving innovation within the cryptocurrency ecosystem, this approval marks a major milestone for Huobi’s ongoing efforts towards global compliance.
HT’s approval comes at an opportune time as Japan tightens regulations and updates existing laws to better define crypto assets. Last year, the Japanese House of Representatives passed revisions to two pieces of legislation, the Payment Services Act (PSA) and Financial Instruments and Exchange Act (FIEA), to classify and regulate crypto assets. Japan is expected to begin enforcing the revised versions of the PSA and FIEA starting on May 1.
Huobi Japan, a subsidiary of Huobi Group, will be the first to support HT in Japan when the token begins trading in May. Huobi Japan launched at the end of 2018 having received the “Kanto Finance Bureau No. 0007 license issued by the Japanese Ministry of Finance. This allows for the Japanese platform to support six digital assets, 10 trading pairs, as well as a fiat-to-crypto on-ramp for the Japanese Yen.
By working with local regulators to bring HT to the Japanese market, Huobi aims to significantly expand the token’s ecosystem as user adoption rises across the globe.
HT was recently accepted as a payment option for charitable donations to Project HOPE, a global nonprofit organization that has been providing health development and emergency relief since 1958. Earlier in the year, Huobi partnered with a leading crypto-friendly hotel booking platform to integrate HT as a preferred payment method on Travala.com. HT will also act as the native ecosystem token of Huobi Chain, Huobi’s regulator-friendly public blockchain for banks financial institutions that’s slated for mainnet launch later this year.
To further expand HT’s utility beyond the Huobi ecosystem, Huobi is accelerating efforts to integrate with third-party partners, including international credit cards, digital bank cards, blue-chip technology companies, and global entrepreneurship centers.