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Huobi Japan gets approval to offer crypto derivatives trading services

The firm is now registered as a Type I Financial Instruments Business after it was approved by the Financial Services Agency (FSA), the country’s chief regulatory authority for financial services.

Tokyo, Japan / Image by: Wikimedia Commons

Tue, 19 Oct 2021, 11:31 am UTC

Huobi Japan can now finally start offering crypto derivatives to its clients. The firm is now registered as a Type I Financial Instruments Business after it was approved by the Financial Services Agency (FSA), the country’s chief regulatory authority for financial services.

“Huobi Japan, Inc. (Huobi Japan) has received approval from Japan's Financial Services Agency to register as a Type I Financial Instruments Business, as designated under the Financial Instruments and Exchange Act,” the crypto exchange said in a press release. “This will enable Huobi Japan to engage in the trading, underwriting, and management of cryptocurrency derivatives, as well as operate derivatives trading systems.”

Huobi is now one of the seven out of the 34 crypto exchanges in Japan that possess this license. Aside from allowing the platform to offer crypto derivative products, the firm can also offer trading and market-making services to its clientele. On the other hand, the remaining crypto firms that do not yet own this type of license can only offer limited spot trading services of cryptocurrencies.

“We're very excited to have reached this milestone,” Huobi Japan CEO Haiteng Chen said. “It will enable us to expand the 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 currently offers spot trading of 14 cryptos including Bitcoin (BTC), Ethereum (ETH), and Huobi Token. Japanese regulators approved Huobi Token’s listing on the crypto exchange in June 2020.

The FSA ruled in April 2020 that crypto platforms must be registered as Type I financial instruments businesses for them to be able to offer crypto derivatives, according to Coindesk. To qualify, crypto firms must have net assets and stated capital of at least JPY50 million ($438,061 each) and a capital-to-risk ratio above 120 percent.

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