Huobi Gains Gibraltar DLT License, Plans Global Exchange Rollout in 2019

December 6, 2018
40 Views

World’s third largest crypto exchange Huobi is looking to cater to international traders from a European base.

Major Singapore-based cryptocurrency exchange Huobi has gained a so-called Distributed Ledger Technology (DLT) license in Gibraltar, a press release shared with Cointelegraph confirmed Dec. 5.

Huobi, which is leveraging the U.K. territory’s encouraging regulatory perspective on the cryptocurrency industry, will use its new status to launch an international platform geared to both retail and institutional traders, the release states, stating:

“The new license gives Huobi the authority to store and transmit digital assets on behalf of clients worldwide.”

In so doing, it will compete with fellow exchanges including Binance, Bittrex and Coinbase in serving traders in as many jurisdictions as possible as regulatory frameworks continue to evolve.

Last week saw Huobi launch a derivatives market in the U.S.

“It’s no secret that we think that well-designed regulatory regimes are a key part of the future for the cryptocurrency industry,” head of global international business Lester Haoda Li commented in the press release:

“Among other benefits, our [Distributed Ledger Technology] license will allow us to open doors to more institutional investors who were previously unable or unwilling to get involved in an unregulated sphere.”

Huobi hopes to debut its service in the first half of 2019.

“To kick things off, we are launching with [over the counter] services but we have no intentions of stopping there,” Li added.

Huobi is currently the world’s third largest exchange by daily trade volume, seeing about $466 million in trades over the past 24 hours.

Gibraltar is fast catching up with permissive European counterpart Malta in luring cryptocurrency businesses to its shores.

The blockchain platform from Gibraltar’s stock exchange also gained regulatory approval this month, while state-sponsored initiatives are also hoping to address the demand for blockchain-related skills.

You may be interested

US Gov’t Blockchain Spending Expected to Increase 1,000% Between 2017-2022: Study
Blockchain
6 views
Blockchain
6 views

US Gov’t Blockchain Spending Expected to Increase 1,000% Between 2017-2022: Study

btcethereumadmin - April 18, 2019

The U.S. federal government is expected to raise its blockchain spending to $123.5 million by 2022 — an over 1,000%…

Binance CFO: Surge in OTC Trades Drove Near $80 Million Q1 Profits
Bitcoin
4 views
Bitcoin
4 views

Binance CFO: Surge in OTC Trades Drove Near $80 Million Q1 Profits

btcethereumadmin - April 18, 2019

Binance’s Q1 2019 profits beats the previous quarter by 66%, with large-scale investors increasingly active. A huge surge in over-the-counter…

Coin Time Machine Estimates Profit From Crypto Investments You Could Have Made
Crypto News
1 views
Crypto News
1 views

Coin Time Machine Estimates Profit From Crypto Investments You Could Have Made

btcethereumadmin - April 18, 2019

Cryptocurrency prices, which have seen a significant increase since the beginning of April, have again awoken FOMO emotions in the…

Leave a Comment

Your email address will not be published.