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May 25, 2020
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Exchange News

The First Token Approved By Japanese Regulators- Huobi Token

Overview-
– Japan Financial Services Agency(JFSA) has now approved the international Huobi token.
– The Huobi token will be available to trade in Japan from May.
– Japanese cryptocurrency regulations were made stricter for better implementation of the digital currencies.
– Huobi Token joins the list of 25 other compliant tokens approved by the Japanese Financial Services Agency.

Huobi token becomes the first token to be accepted by Japanese regulators- the Japan Financial Services Agency. The Japanese regulators approved the token after Financial Services Agency approved the token as a compliant cryptocurrency asset to trade inform
May. The token will now be available for trade-in Japan from May.

Japan recently made its regulations more strict and updated its existing laws to define the cryptocurrency assets more prominently. Joerg Schmidt and So Saito from So & Sato recently commented on stricter regulations for cryptocurrencies in Japan saying, “The market is highly regulated in Japan. What seems to be a regulatory overkill, at first sight, is likely to help the market to mature in the mid to long term. This will allow more institutional players to enter the market and to increase their stake in the digital asset space.”

Huobi Group is the leading global blockchain company which was established by Leon Li in the year 2013. Huobi token is an exchange based token and native currency of the Huobi cryptocurrency exchange. It now joins the list of 25 other compliant tokens which are already approved by the Japanese FSA. With the approval from Japan regulators, the token further aims to expand itself globally by increasing the user adoption. Recently, the Huobi token was accepted as a payment option for charitable donations to project HOPE. Huobi has been providing cryptocurrency trading and other asset management services to users in more than 170 countries.

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