The Japanese branch of the major cryptocurrency exchange Huobi is in the latest cryptocurrency news. As the updates show, the licensed crypto exchange Huobi Japan has raised 5 million yen (a sum translating to $4.6 million) from the Financial Products Group (FPG) which is a financial instruments business operator.
This development was first revealed in an official press release that was shared with many news sites on October 25. In it, Huobi Japan shows that as a wholly-owned subsidiary of the major Singapore-based crypto exchange Huobi, is serious about serving traders in a better way.
For those of you who haven’t been following our Huobi news, the platform serves traders across over 130 countries. It launched this January as a fully compliant entity after a major merger with BitTrade – one of the only 16 exchanges who have secured a license under the aegis of Japan and its national finance regulator, the Financial Services Agency (FSA) back then.
Today’s announcement shows that both FPG and Huobi Japan will jointly focus on providing strong support for the financial assets and payment methods. In addition to this, the FPG Group noted that it is anticipating a possible future collaboration with Huobi Japan to further the digitization of Japan and its securities market by combining its expertise as a financial instruments business operator powered by Huobi’s blockchain technology.
We can see that a license has been mandatory for all the cryptocurrency exchanges operating within Japan ever since the amendment of the country’s Payment Services Act back in April 2017. The FSA evolved increasingly strict requirements for license applications in the wake of a new and major $532 million hack from back in January 2018 of the local exchange Coincheck.
We can see that at the time (January 2019), Coincheck went on to secure an FSA license. the other regulator-approved exchanges include LVC Corporation (a digital asset and blockchain focused arm of the Japanese messaging giant LINE) which was granted a similar license this September.
Founded in 2013, Huobi Group has been headquartered in Singapore with many branches such as Huobi Japan that have been expanding. The exchange blossomed and moved to Singapore ever since the Beijing crackdown on domestic crypto-fiat exchanges in September 2017.
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“The network would be tested in 54 cities across the country as well as Hong Kong and Singapore for projects such as smart city management,” Wenchao Shi, president of China Union pay said.The Huobi news also show that Huobi Global is meeting regulatory requirements and the exchange is on a good way to ramp up its user base and bring it to new heights.
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Huobi Joins Turkish Blockchain Platform To Boost Local Ecosystem
"We support BCTRs vision to secure Turkey's regional leadership in a decentralized system," he summarized.For those of you who haven't been following the blockchain news, it is important to note that Huobi's Turkey efforts began when the company announced the establishment of a local office at the Eurasian Blockchain Summit last October. This was the time when the crypto exchange brought a lot of experts to the event, signalling their desire to support Turkey's blockchain efforts. Gogus also told the media that they are looking forward to cooperating with the Blockchain Turkey Platform via Huobi University. Now that Huobi joins BCTR, we can go back to the exchange's statement at the event which read:
"Huobi supports the growth of crypto and blockchain ecosystems globally. Turkey has the potential to become a pioneer in blockchain technology, both regionally and globally. By joining The Blockchain Turkey Platform, which drives local efforts in a cross-industry approach, we aim to exchange our global expertise and knowledge with key local players to boost the blockchain ecosystem."BCTR is seen as a union which creates a multidisciplinary environment and enables key players from different industries to speed up the adoption of blockchain in the country.
Huobi Partners With UAE Real Estate Firm, Enabling Crypto Payments
“This partnership will provide our clients immense opportunity and the ease of investing in prime locations in the UAE. Cryptocurrencies are becoming an increasingly popular payment method all over the world, and this added choice will increase our property transactions and bring more value to the real estate market here.”There is still an update expected by the firm and its plans when it comes to tackling the volatility linked to crypto markets. What's certain is that Huobi is legally compliant and licensed by Dubai Multi Commodities Centre (DMCC), an infrastructure provider for expanding commodities trading in the country.
"If someone wants to buy property and use crypto as a payment currency, then we will help facilitate that transaction and sell their cryptocurrency and make the payment to fäm in fiat currency,” said Mohit Davar, the co-founder of Huobi's over-the-counter (OTC) trading tesk at DMCC.Davar continued, stating that the firm will provide fam Properties with liquidity and resources to facilitate virtual money payments for customers. According to reports, Huobi's OTC desk supports fiat currencies such as UAE dirhams, United States dollars, British pounds and Euros. Meanwhile, there has been a boom in the real estate market in UAE and more people are now embracing emerging technologies like blockchain and associated digital assets.
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