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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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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