Huobi Japan, a bitcoin and crypto exchange company, today announced it has received approval from Japan’s Financial Services Agency (FSA) to register as a Type I Financial Instruments Business, as designated under the Financial Instruments and Exchange Act.
This will enable Huobi Japan to engage in the trading, underwriting, and management of cryptocurrency derivatives, as well as operate derivatives trading systems. The FSA is the chief regulatory authority for financial services in Japan, overseeing the banking, securities and exchange, and insurance sectors.
Currently, only seven out of the total 34 cryptocurrency exchanges in Japan possess this license, which requires the holder to meet specific asset levels. Without this license, the cryptocurrency exchanges may only offer limited spot trading services of cryptocurrencies for customers.
“We’re very excited to have reached this milestone. It will enable us to expand business beyond spot trading and fuel the next phase of our growth in Japan. Going forward, we plan to develop a number of crypto derivatives products to meet the growing demands of the market.”
– Huobi Japan CEO, Haiteng Chen
In June 2020, Huobi Token (HT) received approval from local regulatory authorities in Japan to list HT as a fully compliant crypto asset. Going forward, Huobi Japan plans to significantly expand its trading services and capabilities in Japan. As of September 2021, Huobi Japan offers spot trading services of 14 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Huobi Token (HT).
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