Huobi Group today announced that its native ecosystem token Huobi Token (HT) has been listed on Huobi Japan as a fully compliant crypto asset. HT is the first global exchange token to receive regulatory approval for trading in the country by the Financial Services Agency (FSA), a Japanese financial regulator responsible for overseeing banking, securities and exchange, and insurance sectors.
According to crypto market analysis firm DataLight, Japan has more than 6.2 million crypto asset investors, making it the second-largest crypto trading market in the world. The country is known for having some of the most stringent compliance policies for crypto assets and limits the number of new tokens approved for trading. HT is currently one of just 26 compliant crypto assets to trade in Japan under the FSA’s guidance.
“The HT approval process was an arduous journey, so we’re incredibly excited to now offer it as a trading option for local users,” said Haiteng Chen, CEO of Huobi Japan. “The listing is a testament to Huobi’s on-going commitment to its global compliance strategy. We will continue working closely with the FSA to ensure full compliance with local regulations so our users can trade with ease in a safe and secure environment.”
Of the compliant crypto assets in Japan, HT is the country’s seventh-largest token in market capitalization. Huobi Japan supports six trading pairs for HT, including HT/JPY, HT/BTC, HT/ETH, BCH/HT, XRP/HT, and LTC/HT. Users can also access Huobi Japan’s fiat-to-crypto gateway to purchase HT directly with the Japanese Yen at local branches. In the near future, Huobi Japan will reduce the HT fee and launch HT voting functionality to strengthen the exchange.
As a localized exchange and subsidiary of Huobi Group, Huobi Japan began working with the FSA in mid-2018 to meet all regulatory requirements and obtain the proper licenses to operate legally in Japan. In late 2018, Huobi Japan received the Kanto Finance Bureau No. 0007 license issued by the Japanese Ministry of Finance, which allowed the exchange to support six digital assets, 10 trading pairs, and a fiat-to-crypto on-ramp for the Japanese Yen. This early regulatory approval of Huobi Japan ultimately helped pave the way for the HT approval.
HT’s listing comes as Japan continues to tighten regulations and updates existing laws to better define crypto assets. Last year, the Japanese House of Representatives passed revisions to two pieces of legislation, the Payment Services Act (PSA) and Financial Instruments and Exchange Act (FIEA), to classify and regulate crypto assets. Japan began enforcing the revised versions of the PSA and FIEA this past month.