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.