Huobi Japan lists Huobi Token following regulatory approval
Japan is known to be one of the most uncompromising countries in terms of regulating cryptocurrencies. After years of negotiations, the native token of the Huobi platform has been validated by regulators. The Huobi token becomes the first token attached to an exchange platform to get the green light.
Japanese regulations
Before going into the details of our case, let's come back to Japanese regulations together. First, be aware that cryptocurrencies are perfectly legal in Japan. However, these are not entirely authorized and have been highly regulated since 2014 and the hack of the MtGox platform.
This is why only a handful of cryptocurrencies, 25 in total, have received the approval of the Japanese FSA (Financial Services Agency). They are therefore the only ones whose trading is authorized on Japanese soil.
Huobi Token launched in Japan
On June 16, Huobi Japan (the Japanese subsidiary of the Singapore exchange) announced the listing of its token, the Huobi Token (HT). This makes HT the first token issued by an exchange platform to receive FSA approval:
HT is the first token of an exchange platform to receive regulatory approval for trading by the Financial Services Agency (FSA), the Japanese financial regulator responsible for overseeing the banking, securities and exchanges, and insurance. » Press Community
Japanese traders will now be able to exchange the Huobi Token with the following currencies: Japanese Yen, Bitcoin, Ethereum, Bitcoin Cash, XRP and Litecoin.
A path strewn with obstacles
Due to the regulations in place, the FSA’s acceptance of the Huobi Token appears to be a miracle. However, the latter is the result of long negotiations between Huobi and regulators.
The HT approval process has been a long journey. This is why we are incredibly excited to offer it now as a business option for local users, said the press release.
Nothing seems to stop the Huobi trading platform in its expansion, not even the regulators. The latter has also just expanded its offer, with the implementation of a blockchain analysis system to track illegal activities.