Huobi Japan, a Bitcoin and crypto exchange companies, Announced today that it has been approved by the Financial Services Agency (FSA) of Japan to register it as a Class I financial instrument business designated by the Financial Instruments and Transaction Act.
This will enable Huobi Japan to engage in the trading, underwriting and management of cryptocurrency derivatives, as well as to operate a derivatives trading system. The FSA is the main regulatory agency for Japan’s financial services, responsible for overseeing the banking, securities trading, and insurance industries.
Currently, only 7 of Japan’s 34 cryptocurrency exchanges have this license, which requires the holder to reach a certain asset level. Without this license, cryptocurrency exchanges can only provide customers with limited cryptocurrency spot trading services.
“We are very pleased to reach this milestone. This will allow us to expand our business beyond spot trading and drive our next phase of growth in Japan. Looking ahead, we plan to develop a variety of crypto derivatives to meet the growing market need.”
– Huobi Japan CEO, Haiteng Chen
In June 2020, Huobi Token (HT) was approved by the local regulatory agency in Japan to list HT as a fully compliant crypto asset.Looking to the future, Huobi Japan Plans to expand significantly Its trading services and capabilities in Japan. As of September 2021, Huobi Japan provides spot trading services for 14 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH) and Huobi Token (HT).