logo

Japanese crypto regulators approve Huobi Token

Japanese crypto regulators

The Japanese crypto regulators have approved the Huobi token. The native Huobi crypto exchange token has made history by becoming the first to be approved in Japan. According to the regulating body Financial Services Agency (FSA), Huobi Token (HT) is a compliant cryptocurrency asset.

The Japanese crypto community has every reason to smile as the HT might be available for trading on the third largest exchange. The approval is a big boost for the platform given that only 25 tokens have been allowed to enter the Japanese market to date.

Japanese Crypto regulators protecting investors

Token penetration in Japan is highly controlled. To achieve investor protection and market flooding, the Japanese crypto regulators are keen on which token enters the market. Since the revision of the local Payment Services Act (PSA) last year which comes into effect on May first, investor protection has been enhanced.

The PSA and Financial and Exchange Instruments Act (FIEA) seek to protect investors in the crypto space. Starting May 1 when the Huobi token is expected to launch in the country, custodial service providers who in a way trade or acts as third parties will have to comply with the new crypto regulations.

Crypto auditing falls under Japanese crypto regulators

The stringent laws allow the Japanese crypto regulators to audit crypto derivatives. All firms operating in the crypto sphere are required to go through a legal registration process to be allowed to operate in the Japanese market.

In a bid to protect the crypto investor, any exchange is required by law to store their digital assets in cold wallets. This ensures fund security and increased user confidence in investing in digital assets. However, observers are waiting to see the impact from Huobi exchange and HT will have in the Japanese marketplace.

 

 

Albert Kim

Albert Kim

Albert Kim is a full time tech content developer and writer specializing in blockchain and cryptocurrencies. He has been in the tech industry for the last 7 years helping businesses scale up their potential to the next level.

Related News

Hot Stories

Blockchain industry has over 81 Million active users, reports show
Explained: 2 Important Ethereum priorities after The Merge
Kitsumon launches NFT land sale in partnership with top NFT and Gaming platforms
What lies ahead for Voyager Digital and its investors after FTX wins the purchase auction?
Dogecoin price analysis: DOGE peaks at $0.063, quickly tests $0.06  

Follow Us

Industry News

What lies ahead for Voyager Digital and its investors after FTX wins the purchase auction?
What is happening with Nexo?
FTT burn Vs. BNB burn Vs. Shiba burn
Was the Wintermute hack an inside job?
Watch: Inside the Walmart Metaverse 2022