Home CryptocurrencyAltcoin Huobi is getting a license to operate in the British Virgin Islands, there is no timetable for UK expansion in the States yet

Huobi is getting a license to operate in the British Virgin Islands, there is no timetable for UK expansion in the States yet

by SuperiorInvest

Huobi Affiliate Brtuomi Worldwide is one of the first exchanges in the British Overseas Territory to offer compliant crypto derivatives and trading services. In addition, Huobi, a major cryptocurrency exchange, is expanding its global presence by entering the British Virgin Islands, a British overseas territory.

Huobi state on friday that it has obtained an investment company license from the Financial Services Commission of the British Virgin Islands (FSC). The license allows Huobi to operate a virtual asset exchange through its subsidiary Brtuomi Worldwide Limited (BWL).

BWL intends to provide various cryptocurrency trading services, including spot trading of cryptocurrencies such as Bitcoin (BTC) and Ether (ETH), and derivatives trading, the report said. The firm claims to be the pioneer digital asset trading platform in the British Virgin Islands with a license to operate an institutional level cryptocurrency trading platform for both professional and retail investors.

“We believe this license will have a significant impact on institutional investors, as it will make us a pioneer exchange providing compliant crypto derivatives and trading services in the territory,” said Huobi Group CFO Lily Zhang, adding: “Many institutional investors in the crypto ecosystem operate outside the UK Virgin Islands, so we believe there is a big market opportunity there.”

Huobi has too distributed ledger technology license in Gibraltar, according to Zhang. However, the CFO of Huobi Group told Cointelegraph that there is no set date when the services will be extended to the rest of the UK.

As well as becoming a regulated organization in the British Virgin Islands, BWL is also a participant in the FSC Financial Innovation Quarantine with firms such as Alameda Trust and Three Arrows Capital. According to FSC records, BWL is the second participant in the FSC sandbox after Structure Financial. This global trading platform facilitates investments and loans based on cryptocurrencies.

The sandbox was created by regulation in 2020 to encourage innovation in the fast-growing fintech sector and allow companies to test new goods and services.

“In the future, we will work closely with British Virgin Islands regulators to build a portfolio of permitted trading of goods and services and support the expansion of cryptocurrency trading in the territory,” Zhang said.

The British Virgin Islands is a renowned global location for cryptocurrency-related businesses. The British Virgin Islands has overtaken the United States as the second most popular destination for crypto hedge funds, according to statistics from global crypto hedge fund PwC’s fourth annual report in 2022. However, a court in the British Virgin Islands ordered the closure of the Singapore-based business. capital company Three Arrows Capital in June. According to official statistics, the company is registered with the FSC as a professional fund.

Featured Image: Megapixl @Burdun

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