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11th December 2018
Huobi gains Distributed Ledger Technology licence in Gibraltar
Huobi Global released details on its Gibraltar-issued Distributed Ledger Technology (DLT) licence and plans for a fully regulated cryptocurrency exchange. Lester Haoda Li, Head of Global Institutional Business, based in London, said:
"Our Gibraltar DLT licence will allow us to open a fully regulated exchange for our Global Institutional clients and retail clients alike, so this is a big win for Huobi and a very positive step forward for our global strategy.
“It's no secret that we think that well-designed regulatory regimes are a key part of the future for the cryptocurrency industry. Among other benefits, our DLT 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's licence is among the first batch of licenses awarded by Gibraltar via its newly instituted regulatory environment for overseeing digital assets. Gibraltar is the first jurisdiction to introduce a purpose-built DLT regulatory framework.
The new licence gives Huobi the authority to store and transmit digital assets on behalf of clients worldwide. In addition to bringing crypto-to-crypto trading within a fully regulated environment, the licence also opens up exciting possibilities for simplified and efficient fiat-to-crypto and crypto-to-fiat functionality that provides a welcome alternative to OTC services. This licence also provides a springboard for Huobi's future plans, which includes a concerted move into the regulated financial product space.
"To kick things off, we are launching with OTC services but we have no intentions of stopping there," said Mr Li. "Our intention is to give our clients advantages and a comprehensive 'one stop shop' that was just not possible under the old paradigm."
Huobi expects to roll out these plans in the first half of 2019.