TOKYO, Oct. 18, 2021 /PRNewswire/ -- Huobi Japan, Inc. (Huobi Japan) has received approval from Japan's Financial Services Agency to register as a Type I Financial Instruments Business, as designated under the Financial Instruments and Exchange Act. This will enable Huobi Japan to engage in the trading, underwriting, and management of crypto currency derivatives, as well as operate derivatives trading systems. The Financial Services Agency is the chief regulatory authority for financial services in Japan, overseeing the banking, securities and exchange, and insurance sectors.
This reflects a major milestone for Huobi's business in Japan, as it will enable the company to not only develop derivatives products, but also offer trading and market-making services for customers. Currently, only seven out of the total 34 cryptocurrency exchanges in Japan possess this license, which requires the holder to meet specific asset levels. Without this license, the cryptocurrency exchanges may only offer limited spot trading services of cryptocurrencies for customers.
"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," said Huobi Japan CEO Haiteng Chen. "Going forward, we plan to develop a number of crypto derivatives products to meet the growing demands of the market."
As of September 2021, Huobi Japan offers spot trading services of 14 cryptocurrencies, including Bitcoin, Ethereum, and Huobi Token. In June 2020, Huobi Token received approval from local regulatory authorities in Japan to list on Huobi Japan's exchange as a fully compliant crypto asset. Going forward, Huobi Japan plans to significantly expand its trading services and capabilities in Japan.
About Huobi Japan
Huobi Japan, Inc. ("Huobi Japan", HQ: Minato-ku, Tokyo; President: Chen Haiteng) is committed to providing secure qulity digital asset service for Japanese users through its digital asset exchange. Since acquiring the Japanese licensed crypto asset exchange BitTrade in 2018, Huobi japan has provided Japanese yen-to crypto compliant trading services.
SOURCE Huobi Japan