According to the well-known crypto exchange Huobi Group, The Financial Services Commission (FSC) has granted the British Virgin Islands’ regulatory licence. The company made the announcement on Friday.
The press statement sent to Finance Magnates says that Huobi’s local affiliate, Brtuomi Worldwide Limited, has been given permission to function as a licenced virtual assets exchange (BWL).
According to Lily Zhang, CFO of the crypto exchange Huobi Group, “This historic approval makes Huobi the first licenced digital asset marketplace for institutional-grade derivative products in the British Virgin Islands.”
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Huobi intends to provide spot and derivatives cryptocurrency exchanges, as well as other possible product lines, with the new permission.
We believe there is a significant market for cryptocurrency derivatives, with persistent futures expected to represent nearly half of all cryptocurrency trading activity worldwide by 2022. We will work to comply with all legal standards as we develop given the increasing significance of compliance in the sector, Zhang said.
Moving ahead, we’ll work collaboratively with the British Virgin Islands’ authorities to provide a range of authorised trading services and products and support the development of the sector there.
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Being one of the biggest crypto exchange, Huobi has established itself in the spot and futures markets for cryptocurrencies. It has its headquarters in the Seychelles and controls a sizable portion of the cryptocurrency trading markets.
Only a few months after establishing its business there, the exchange ceased providing bitcoin derivatives products in New Zealand. Additionally, it forbids the use of its services by residents of 11 territories, including united States, Canada, Iran, Japan and Singapore, while its derivatives goods are inaccessible to customers from the UK, china, and 10 other territories. Huobi stopped operating in Thailand a few months ago after having its local licence withdrawn.
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The Financial Services Commission (FSC) has granted the British Virgin Islands’ regulatory licence, according to the well-known cryptocurrency company Huobi Group, which made the announcement on Friday.
The local subsidiary of Huobi, Brtuomi Worldwide Limited, was given permission to function as a licenced virtual assets exchange, according to the press statement shared with Finance Magnates (BWL).
In the British Virgin Islands, Huobi is now the first regulated digital asset exchange for institutional-grade derivative products thanks to this historic permission, according to Lily Zhang, CFO of the Huobi Group.
Huobi intends to provide spot and derivatives cryptocurrency exchanges, as well as other possible product lines, with the new permission.
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