Huobi Token Is The First Exchange Crypto Asset Approved By Japanese Regulators
- HT will begin trading on Huobi Japan in May this year.
- Huobi Token is the first exchange token to be approved by the Japanese FSA, which has previously approved 25 other tokens.
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The native-to-the ecosystem Huobi Token (HT) will begin trading on Huobi Japan in May (exact date has not yet been mentioned), Huobi announced in a press release on April 23. The approval was granted by the Japan Financial Services Agency after the regulatory body deemed HT a “compliant crypto asset”.
Huobi Japan, which is a subsidiary of Huobi Global, received the Kanto Finance Bureau No. 0007 license and began operations towards the end of 2018. The license, issued by Japan’s Ministry of Finance, allows the exchange to support up to 6 digital assets, 10 trading pairs, as well as to provide a fiat-to-crypto on-ramp for the Japanese Yen.
The FSA approval made Huobi Token the first exchange token to be approved in the country – the Japanese FSA had already previously approved 25 other tokens.
Huobi Global considers this compliance achievement a major milestone, considering the fact that Japan is one of the “more thorough and meticulous regulatory bodies” in the world. In 2019, the country made major revisions to the Payment Services Act and the Financial Instruments and Exchanges Act, integrating crypto assets therein. On May 1st this year, these changes will start being enforced throughout the country.
The main goal of Huobi Token is to enable Huobi Chain, which is the company’s proprietary regulator-friendly public blockchain for financial institutions. Huobi Chain is set for mainnet launch later this year.
- The Japanese exchange has adopted new AML measures in order to comply with the Japanese governments implementation of FATF’s Travel Rule.
- Transaction restrictions will be applied to 21 countries that follow the Travel Rule, though transfers to countries not on the list will still be supported.
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- The Securities Commission Malaysia ordered Huobi Global to stop all of its activities in the country as it was not registered with the regulator, and was operating illegally.
- The exchange was also directed to disable its website and mobile applications, as well as cease all advertising of its products and services in the country.
- There is still no official date for when Binance will re-enter the Japanese market, but Sakura Exchange BitCoin (SEBC) will close doors on 31 May, and reopen as Binance Japan sometime after June.
- Customers in Japan who wished to continue using the exchange under the Binance name will have to undergo new identity verification and KYC checks.