Huobi wins license in the British Virgin Islands, no timeline for the UK yet

Major cryptocurrency trade Huobi continues to increase its international footprint by coming into the British Virgin Islands, a British Overseas Territory.

Huobi formally introduced on Friday that it secured an funding enterprise license from the Financial Services Commission (FSC) of the British Virgin Islands. The approval permits Huobi to function a digital asset trade beneath the subsidiary Brtuomi Worldwide Limited (BWL).

According to the announcement, BWL plans to supply a variety of crypto buying and selling providers, together with spot buying and selling of cryptocurrencies like Bitcoin (BTC) and Ether (ETH) in addition to derivatives buying and selling.

The firm positions itself as the first digital asset buying and selling platform operator in the British Virgin Islands licensed to run an institutional-grade crypto buying and selling platform for each skilled and retail traders.

“We believe that this license will have major implications for institutional investors, as it will make us the first exchange to provide compliant crypto derivative products and trading services in the territory,” Huobi Group chief monetary officer Lily Zhang mentioned, including:

“Many institutional investors in the crypto industry operate out of the British Virgin Islands, so we think there’s a large market opportunity there.”

Zhang famous that Huobi additionally holds a distributed ledger expertise license in the territory of Gibraltar. Huobi Group doesn’t have any particular timeline as to when providers will increase to the remainder of the United Kingdom, the CFO advised Cointelegraph.

Apart from turning into an formally regulated entity in the British Virgin Islands alongside corporations like Alameda Trust and Three Arrows Capital, BWL can be a member of the FSC’s monetary innovation sandbox.

According to official FSC data, BWL is the second sandbox participant accredited by the FSC alongside Structure Financial, a worldwide buying and selling platform facilitating crypto-based investing and lending. The regulator established the sandbox in 2020 with an goal to help innovation in the rising fintech sector and permit companies to trial new services.

Related: Huobi crypto trade wins licenses in Dubai and New Zealand as Thai affiliate closes

“Going forward, we will work closely with the British Virgin Islands regulators to develop a suite of licensed trading products and services and foster the cryptocurrency industry’s growth in the territory,” Zhang said.

The British Virgin Islands is one in every of the main international locations for cryptocurrency-related corporations. According to information from PwC’s fourth annual international crypto hedge fund report 2022, the British Virgin Islands overtook the United States as the second hottest location for crypto hedge funds.

In June, a courtroom in the British Virgin Islands ordered the liquidation of Singapore-based enterprise capital agency Three Arrows Capital. The agency is registered by the FSC as knowledgeable fund, in keeping with official information.

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