Crypto Exchange Huobi Secures DLT License In Gibraltar

News, Regulation | November 27, 2018 By:

Cryptocurrency exchange Huobi has secured a distributed ledger technology (DLT) license from the Gibraltar Financial Services Commission (GFSC).

Founded in China, Huobi is a global blockchain asset financial services provider including exchange, trade, wallet, and storage. In September 2017, China banned bitcoin exchanges and initial coin offerings (ICO). In response, Huobi adjusted its business and organizational structure to promote global expansion. The company has opened trading offices and operation centers in Singapore, the United States, Japan, Korea, Hong Kong and many other countries.

Albert Isola, Gibraltar’s Minister for Commerce, recently announced that Huobi has been granted a full DLT license after completing a rigorous application process.

“This announcement is yet another example of the effective road to market Gibraltar is providing for companies seeking continued innovation under the umbrella of sensible and secure regulation,” Isola said. “The robust DLT legislation we have introduced gives quality companies like Huobi a supportive framework on which they can further develop and cultivate sustainable legacies.”

The DLT license will allow Huobi to store and transmit value belonging to others using blockchain technology. It will also allow Huobi to engage with regulators in a robust and speedy manner, while also benefiting from the flexible framework that allows room for guidelines to evolve in tandem with the blockchain sector.

“Our congratulations to the team at Huobi who have demonstrated a detailed understanding of the nine regulatory principles that underpin our DLT legislation,” Isola said. “Their commitment to building innovation and sustainability in the industry is evidenced by the granting of today’s license. A global industry leader, Huobi is a welcome addition to the thriving blockchain ecosystem we have established here in Gibraltar and further consolidates the jurisdiction’s position as a world class destination for blockchain companies.”

The DLT regulatory framework was implemented in January of this year in order to attract blockchain technology companies. Other blockchain companies that have received the DLT license include Coinfloor, COVESTING, and the Gibraltar Blockchain Exchange (GBX).