Digital asset service provider Huobi Group revealed on Friday that it has gained regulatory approval from the Financial Services Commission (FSC) of the British Virgin Islands.
Huobi’s subsidiary Brtuomi Worldwide Limited (BWL) has now been granted license to operate a virtual assets exchange.
With the new regulatory approval, BWL’s offering 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 commented:
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.
CFO Zhang added:
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.
Meanwhile, earlier in May 2022, Huobi Group expanded its presence in Latin America with the acquisition of Bitex, a regional cryptocurrency exchange.
