As of today, Huobi Group has been granted permission to operate a licensed virtual assets exchange under the umbrella of its subsidiary Bhutan Worldwide Limited (“BWL”), which has been approved by the Financial Services Commission (“FSC”) of the British Virgin Islands (“BVI”).
Not in the UK Yet
Upon fulfilling all the conditions, BWL will become the first digital asset trading platform operator in the BVI that will be permitted to operate a virtual assets trading platform of institutional grade for both professional and retail investors, including financial institutions from all over the world who have been licensed.
Among the trading services that BWL will offer under their new name will be spot trading for cryptocurrencies such as Bitcoin and Ethereum, derivatives trading for products such as perpetual futures and calendar futures, and other innovative services as well.
Huobi Group CFO Lily Zhang said:
“This landmark approval makes Huobi the first licensed digital asset exchange for institutional-grade derivative products in the British Virgin Islands. It is a testament to our experience, professional knowledge, and track record in the global cryptocurrency industry.”
The CFO of the company, Zhang, indicated that they see a large market opportunity in the area of cryptocurrency derivatives, which accounted for approximately half of the global market for cryptocurrency trading in 2021.
Since compliance has become increasingly important in the industry, Huobi will strive to ensure that we meet all of the regulatory requirements as our business expands.
As part of the company’s ongoing efforts to develop a suite of licensed trading products and services in the British Virgin Islands and to foster the emergence of the cryptocurrency industry in the territory, the company will work closely with the British Virgin Islands regulators.
Global policymakers have accelerated the development and implementation of cryptocurrency-related legislation and regulation since the Financial Action Task Force published the Public Statement on Virtual Assets and Related Providers in 2019.
It is clear from the recent approvals by the BVI regulators that the British Virgin Islands has made significant progress on this front, as well as demonstrating their overall support for virtual asset service providers as a whole.
Founded in 2007, the Huobi Group maintains a strong commitment to integrity, innovation, and collaboration in the crypto industry and has established a number of regulated entities in many countries and regions, including Japan, Gibraltar, and Singapore.
As part of Huobi Group’s mission to provide its customers with regulated partners and access to virtual assets on a global scale, Huobi Group wishes to cater to institutions and professional investors.
