Cryptocurrency exchange Huobi has been approved by the British Virgin Islands Financial Services Commission to operate in the country and serve local traders.
Huobi Group CFO Lily Zhang said the license has been granted to Brtuomi Worldwide (BWL), Huobi’s local subsidiary. The document will allow Huobi to become the first licensed platform for trading digital assets in the British Virgin Islands. In addition to spot trading in crypto assets and crypto derivatives, Huobi plans to expand its product line for institutional investors.
The site management sees huge opportunities in derivative financial instruments based on cryptocurrencies. In 2021, perpetual futures accounted for about half of the global digital currency trading volume, according to Huobi. Regulatory compliance has become increasingly important recently, and the platform is ready to work with them, Zhang said.
“We intend to continue to work closely with the British Virgin Islands regulators to provide local traders with a set of licensed products and services, and promote the development of the cryptocurrency industry in the region,” said Huobi Group CFO.
Recently, the Malaysian Securities Commission listed Huobi as a platform that poses potential risks to investors. In response, Huobi representatives explained that they are negotiating with Malaysian regulators regarding their presence in the market. In August, the marketplace registered as a Virtual Asset Service Provider (VASP) with the Australian Transaction Reporting and Analysis Center (AUSTRAC).
Source: Bits
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