Huobi Japan, a bitcoin and crypto exchange company, announced today that it has received approval from Japan’s Financial Services Agency (FSA) to register as a Type I financial instrument business under the Financial Instruments and Exchange Act.
This will enable Huobi Japan to conduct the trading, underwriting and management of cryptocurrency derivatives, as well as operating derivatives trading systems. The FSA is the primary financial services regulator in Japan, overseeing the banking, securities, and stock exchange and insurance sectors.
Currently, only seven of the 34 cryptocurrency exchanges in Japan have this license, which requires certain assets from the owner. Without this license, the cryptocurrency exchanges are only allowed to offer limited spot trading services for cryptocurrencies to customers.
“We are very happy to have reached this milestone. It will allow us to expand the business beyond spot trading and drive the next phase of our growth in Japan. In the future, we plan to develop a range of crypto derivative products to meet the growing demands of the market. “
– Huobi Japan CEO, Haiteng Chen
In June 2020, Huobi Token (HT) received approval from local regulators in Japan to list HT as a fully compliant crypto asset. In the future, Huobi Japan plans to significantly expand its trading services and capabilities in Japan. As of September 2021, Huobi Japan will offer spot trading services for 14 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH) and Huobi Token (HT).