Popular cryptocurrency exchange, Huobi has obtained regulatory approval to run as a provider of virtual assets in the British Virgin Islands. The exchange announced the update in a Twitter post conveyed on its handle on Friday. As revealed, it obtained approval from the Financial Services Commission (FSC).
Huobi added that the regulatory approval was secured through its subsidiary, Brtuomi Worldwide Limited. As reported, this development means Huobi, through its subsidiary, will become the first virtual asset trading platform provider licensed to run as an institutional-grade virtual assets trading platform for both professional and retail investors in the British Virgin Islands. Notably, Brtuomi Worldwide Limited will avail numerous trading offerings, including spot (cryptocurrencies such as Bitcoin and Ethereum), derivatives (such as Perpetual and Calendar futures), as well as other innovative products.
Huobi believes its latest approval by the British Virgin Islands regulators shows the progress made by the country. More so, the exchange believes it reaffirms the commitment of the authorities in BVI in supporting virtual assets service providers.
Zhang sees the regulatory approval as a big milestone for Huobi
The CFO of Huobi Group, CFO Lily Zhang, reacted to the development. Zhang sees the regulatory approval as a remarkable achievement for Huobi. According to him, it places the exchange as the first provider of digital asset provider in the British Virgin Islands. The CFO added that the achievement bears testimony to the professional knowledge possessed by the exchange in the crypto space.
Additionally, Zhang said Huobi sees a huge market “opportunity in cryptocurrency derivatives, with perpetual futures.” According to him, this account for over an half of global cryptocurrency trading volumes in 2021. The official noted that Huobi understands the emerging significance of compliance and intend to meet all requirements as it sustain its expansion. He affirms the commitment of the exchange in working with regulators in British Virgin Islands regulators. This, according to him, will help to develop a suite of licensed trading products and services. More so, Zhang believes such tends to enhance cryptocurrency industry’s growth in the territory.
The exchange reiterates its commitment to promoting integrity, innovation, and cooperation in the crypto industry. As of today, it says it has established regulated entities in countries and regions such as Japan and Gibraltar. Additionally, Huobi said it aims to avail a global scale virtual asset services to institutions and professional investors. According to the exchange, it will continue to invest in its expansion to extend the reach of its offerings.