Huobi Gains Gibraltar DLT License, Plans Global Exchange Rollout in 2019
World’s third largest crypto exchange Huobi is looking to cater to international traders from a European base.
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.”
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
The Biggest Rises and Falls of Bitcoin, Explainedbtcethereumadmin - December 11, 2018
There have been rises of 1,950 percent in a year, and falls of 50 percent in a day. Here’s a…
Harvard Economist: Bitcoin’s Future Value More Likely to Be $100 Than $100Kbtcethereumadmin - December 11, 2018
Ex-chief economist of the IMF and Harvard University Professor of Economics and Public Policy Kenneth Rogoff has characterized Bitcoin as…
Galaxy Digital and Block.One Lead $30 Million Funding Round for US Disruptor Bankbtcethereumadmin - December 11, 2018
The cryptocurrency VC fund has become the latest to pile into the neo-banking sector. Cryptocurrency-focused merchant bank Galaxy Digital and…