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Huobi Token (HT) Becomes First Exchange Token Approved in Japan

April 27, 2020

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Huobi Token (HT) Becomes First Exchange Token Approved in Japan

Japan’s Financial Services Agency (FSA) approved of Huobi Global’s native exchange token Huobi Token (HT). This is the first exchange token to receive approval in Japan, which is the world’s second largest digital asset trading market.

The Huobi Token joins 25 other compliant tokens approved by
Japan’s FSA. Considering the difficulty in gaining regulatory approval in
Japan, this approval “marks a major milestone for Huobi’s ongoing effort
towards global compliance.”

Japan’s FSA

Last year, FSA regulators tightened regulations and amended laws in order to create a more defined meaning of a ‘crypto asset.’ This occurred through the passing of the Payment Services Act (PSA) and the Financial Instruments and Exchange Act (FIEA) in May of last year. Some of the changes include updating the term “virtual currency” was amended to “crypto assets,” new regulations for ICO’s, and new regulations governing crypto asset margin trading. Enforcement of these adopted measures are expected to begin on May 1.

Huobi Japan, a subsidiary of Huobi Group, will be the first
entity to support the Huobi Token when trading begins. The subsidiary received
the “Kanto Finance Bureau No. 0007” license issued by the Japanese Ministry of
Finance, which allows the Huobi Japan platform to support 6 digital assets, 10
trading pairs, and a fiat-to-crypto gateway for the Japanese yen.

Digital Yen

In addition to regulations for blockchain or cryptocurrency-based companies or services, Japan is looking towards a digital version of the yen in order to remain ahead of the competitive curve, countering moves by China to pursue its own central bank digital currency (CBDC). Norihiro Nakayama, the vice minister of the Japanese parliament said to Reuters:

“China is moving toward issuing digital yuan, so we’d like
to propose measures to counter such attempts…The first step would be to look
into the idea of issuing a digital yen.”

About Huobi Group

This leading global blockchain company founded by Leon Li in
2013 offers cryptocurrency trading and asset management services to millions of
users in over 170 countries. The Huobi Global exchange accumulative turnover
exceeds $3 trillion USD.

Learn more about this company at: Huobi.com