--News Direct--
Huobi Group (“Huobi”), one of the world’s leading digital asset service providers, has secured approval from the Financial Services Commission (“FSC”) of the British Virgin Islands (“BVI”), to operate a licensed virtual assets exchange under its subsidiary Brtuomi Worldwide Limited (“BWL”).
After all conditions are satisfied, BWL will become the first Digital Asset Trading Platform Operator in the BVI licensed to operate an institutional-grade virtual assets trading platform for both professional and retail investors; this will include licensed financial institutions from all over the world. The trading services to be offered under BWL will include spot (cryptocurrencies such as Bitcoin and Ethereum), derivatives (such as Perpetual and Calendar futures), as well as other innovative products.
Huobi Group CFO Lily Zhang said, “This landmark approval makes Huobi the first licensed digital asset exchange for institutional-grade derivative products in the British Virgin Islands. It is a testament to our experience, professional knowledge, and track record in the global cryptocurrency industry.”
“We see a huge market opportunity in cryptocurrency derivatives, with perpetual futures accounting for about half of global cryptocurrency trading volumes in 2021. With the growing importance of compliance in the industry, we will strive to meet all regulatory requirements as we expand. Going forward, we will work closely with the British Virgin Islands regulators to develop a suite of licensed trading products and services, and foster the cryptocurrency industry’s growth in the territory,” CFO Zhang concluded.
Since the Financial Action Task Force issued the 2019 Public Statement on Virtual Assets and Related Providers, global policymakers have accelerated cryptocurrency-related legislation and regulations. This latest approval by the BVI regulators represents the progress that the British Virgin Islands has made on this front, and indicates their all-around support for virtual assets service providers as a whole.
Huobi Group is committed to integrity, innovation, and cooperation in the crypto industry and has established regulated entities in countries and regions such as Japan and Gibraltar. Huobi Group wishes to cater to institutions and professional investors that are looking for regulated partners and access to virtual assets on a global scale.
About Huobi Group
Founded in 2013, Huobi Group is one of the world's leading digital asset service providers, with tens of millions of users across five continents and 160 countries and regions. We are dedicated to empowering financial freedom and creating new global wealth, having led the cryptocurrency industry in spot, derivatives, and Bitcoin transactions for many years. Our infrastructure, operations and offerings are built on processes and standards that prioritize user safety and industry compliance, backed by strong global customer support underpinned by local expertise. It offers a unique trading environment that is truly customer-first, safe and sustainable for all users, enabling their long-term success. For more information, visit www.huobi.com
About Brtuomi Worldwide Limited and the BVI Regulatory Sandbox
On April 16th, 2021, BWL was approved by the BVI FSC to participate in the BVI Regulatory Sandbox and recorded on the BVI FSC's Register of Sandbox Participants. In September 2022, Brtuomi Worldwide Limited was approved by the Financial Services Commission to operate as a Digital Asset Trading Platform Operator in the British Virgin Islands and received an Investment Business License.
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View source version on newsdirect.com: https://newsdirect.com/news/huobi-group-secures-license-to-operate-institutional-grade-virtual-assets-trading-platform-in-the-british-virgin-islands-643183100
