Crypto exchange Huobi receives Gibraltar DLT License

Cryptocurrency exchange Huobi has become the latest company to receive the Distributed Ledger Technology (DLT) license in Gibraltar, Unlock-bc reported.

The Gibraltar Financial Services Commission’s (GFSC) regulatory framework on DLT went into effect on January 01, 2018, making Gibraltar the first jurisdiction to introduce regulations around this innovative technology. Other crypto and blockchain companies that have received the DLT license include Coinfloor, COVESTING, and Gibraltar Blockchain Exchange (GBX).

“This announcement is yet another example of the effective road to market Gibraltar is providing for companies seeking continued innovation under the umbrella of sensible and secure regulation,” said Albert Isola, Gibraltar’s Minister for Commerce.

“The robust DLT legislation we have introduced gives quality companies like Huobi a supportive framework on which they can further develop and cultivate sustainable legacies.”

Huobi has completed the rigorous application process required for the license and would now be able to store and transmit value belonging to others using blockchain technology.

Established in 2013, Huobi Group, the operator of Huobi cryptocurrency exchange, has been financed by ZhenFund and Sequoia Capital. It has established compliance service teams in Singapore, Japan, South Korea, United Kingdom, Australia, Canada, Brazil and Hong Kong to deliver its secure and credible digital asset trading and asset management services to millions of users in over 130 countries.

In August 2018, Huobi partnered with Yatai International Holding Group, Vnesheconombank, Chi Fu Group, Asia International Finance Holdings, and Dbank Group to open new cryptocurrency exchanges in the Philippines, Russia, Taiwan, Indonesia, and Canada, respectively.