Huobi Group will be one of the first digital assets trading platforms to be given permission to run regulated trading services in the British Virgin Islands (BVI).
Brtuomi Worldwide Limited (BWL), a subsidiary of the firm will be used for this trading operations. BWL got permission from the BVI Financial Service Commission (FSC) to work within the BVI regulatory Sandbox earlier this year.
BWL will make available trading services with cryptocurrencies such as Bitcoin and Ethereum amongst other unique products after satisfactorily meeting the required conditions according to the report.
The Chief Financial Officer of Huobi Group, Lily Zhang said in a statement that there is a significant market opportunity in cryptocurrency derivatives that includes perpetual features. Given the growing significance of regularization in the crypto industry, an effort will be made to comply with all regulatory requirements as we grow.
According to CFO Zhang, the collaboration will be made closely with British Virgin Islands authorities in order to create a variety of legal goods and services and support the growth of the bitcoin business there.
Huobi Increasing its Worldwide Reach
Huobi Group has established crypto markets with regulated procedures in countries and regions such as Japan and Gibraltar but also wishes to provide its services to the global community.
Huobi has earlier obtained a grant to operate its trading platforms in Dubai shortly after competitors like the cryptocurrency platform OKX formerly known as OKEx obtained a similar license. The Dubai Virtual Assets Virtual Regulatory Authority (VARA) gave a provisional license which enables them to market certain crypto products to investors that have been accredited.
Although Huobi has established itself in various countries and territories, it has also been driven away from countries like Thailand by its Security and Exchange Commission (SEC) due to its failure to comply with regulations. Their trading derivatives were also restricted to New Zealand users last month. Huobi does not offer its derivative products to about 12 restricted jurisdictions including the U.K and mainland China.
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Source: https://blockchain.news/news/huobi-group-secures-regulatory-approval-to-trade-in-the-british-virgin-islands