According to the latest information coming from U.S subsidiary of Huobi exchange, the company behind the Chinese-founded Huobi is in the crypto news today for creating a Communist Party branch in order to be compliant with the Chinese law.
Huobi has shown massive expansion over the past year and showed really close relations with the government. Local news South China Morning Post notes that the company is forming the Communist Party branch at a subsidiary Beijing Lianhuo Information Service.
According to Chinese law, any company that has more than three Communist Party member employees must set up its own branch which was a practice recently confined only to state enterprises.
Now Huobi is the first cryptocurrency company and industry business to start this tradition in the crypto world following major retailers Baidu and Alibaba.
A Huobi official said at the opening:
“Today is a milestone for our company.“Under the cordial care of the Party Working Committee of Haidian Park, the party branch of the Beijing Lianhuo Information Service Co., Ltd. has been gloriously established.”
China still remains, however, a difficult place for cryptocurrency businesses since it is a very complex jurisdiction. They already banned trading and ‘’propaganda’’, created this cautious atmosphere and investors got spooked while many other crypto outputs lived to their slow exodus to Hong Kong.
Huobi is now at number three of the world’s largest crypto exchange by trade volumes, daily seeing more than $754 million in trades.
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“a) exchange between crypto assets, b) transfer of virtual assets, and c) participation in and provision of financial services related to an issuer’s offer and/or sale of a crypto asset.”Cyprus is one of the seven EU member countries that have already released a declaration that aims to promote the use of DLT in the region. Last fall, the national investment partner in the country, Invest Cyprus, signed a Memorandum of Understanding with VeChain Foundation from Singapore in order to work on multiple national level investment strategies that will be blockchain based.
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“Blockchain technology has established a highly mutual trust data sharing mechanism among tax authorities, invoice service providers, taxpayers and other parties. This is a major reason for the tax authorities to take a new step in deepening the [technological] reform [by] the distribution services.”Back in December 2018, one of the bigger cities in the Guangdong province-Shenzhen announced its success story of how blockchain technology helped with the tax invoices via the messaging app WEChat payment platform. Also, last year in November, the capital of the Guangdong and one of the most developed economic zones in China, Guangzhou, was chosen as a headquarters city for the new blockchain alliance. The alliance involves 54 different companies and is promoting blockchain technology in finances and trading. Countries around the world are opting for blockchain-based tax solutions because of the higher efficiency and transparency.
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