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The Financial Services Commission (FSC) in the British Virgin Islands has granted a regulatory license to Huobi, a renowned crypto exchange. This development was confirmed in a Friday Twitter post by the exchange. The regulatory approval will allow Huobi to offer virtual asset services in the country.
According to Huobi, it obtained the license through its subsidiary, Brtuomi Worldwide Limited. Through this development, the exchange became the first virtual assets trading platform provider to secure such approval in the British Virgin Islands.
The exchange added that the approval would allow it to function as an institutional-oriented provider of virtual assets, particularly for professional and retail investors in the country. Through Brtuomi Worldwide Limited, Huobi is now expected to offer numerous trading products. These include spot (cryptos such as Bitcoin and Ethereum), derivatives (such as Perpetual and Calendar futures), and other virtual innovative products.
Reacting to the development, the CFO of Huobi Group, Lily Zhang, admitted that the regulatory approval remains a landmark milestone for the exchange. According to the CFO, it “makes Huobi the first licensed digital asset exchange for institutional-grade derivative products in the British Virgin Islands.” Zhang maintained that Huobi’s approval in BVI further extols the experience and proficiency of the exchange in the crypto environment.
He added that Huobi sees “a huge market opportunity in crypto derivatives, with perpetual futures accounting for about half of global crypto trading volumes in 2021.” Zhang revealed that the exchange looks forward to meeting every necessary regulatory standard as it continues its expansion crusade.
According to him, compliance with these standards is necessary for the industry to grow. The CFO further states that Huobi will “work closely with the British Virgin Islands regulators to develop a suite of licensed trading products and services, and foster the crypto industry’s growth in the territory.”
Huobi stops offering crypto derivatives in New Zealand
This development comes a few months after the exchange decided to stop its offering of crypto derivatives in New Zealand. Huobi is not offering its services to investors in about eleven countries, including the US, Canada, Japan, Iran, and Singapore.
However, Huobi promises to continuously uphold integrity, innovation, and cooperation in the crypto industry. The exchange says it has, over time, established regulated entities in numerous countries. Now, it plans to avail worldwide virtual asset offerings to institutions and professional investors.
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