- Japan's financial regulator, the FSA, recently approved Huobi Global's native coin, Huobi Token (HT).
- Huobi Token is now 26th approved cryptocurrency, and the first one launched by international exchange.
- Now, Huobi's branch in Japan is getting ready to list the token, reduce buying fees for it, and allow staking.
Japan has been the crypto-friendliest nation even before the entire world learned of Bitcoin in 2017. However, recently, its regulatory measures became rather strict, and getting approval for crypto businesses or even tokens is now much harder.
This is why the recent regulatory approval of Huobi Global’s cryptocurrency, Huobi Token, came as major news in and out of the country. Huobi Token (HT) is actually the first cryptocurrency created by an international crypto exchange to gain regulatory approval in Japan.
As such, it will soon be listed on Huobi’s branch in Japan.
Huobi Token to arrive at Huobi’s Japan-based subsidiary
From what is known, the coin will be paired against five other cryptos — Bitcoin, Ethereum, XRP, Bitcoin Cash, and Litecoin — as well as Japan’s native currency, yen. In other words, it will be obtainable through crypto or fiat means.
Also, Huobi Japan revealed plans to allow staking for its native coin, as well as to reduce the fees for purchasing it, in order to encourage users to get it.
The coin’s approval comes almost exactly two years after Huobi Japan originally launched in mid-2018. However, the exchange needed half a year to obtain all the necessary licenses. Even then, this was only possible because it acquired another exchange in Japan, which was its only way in.
But, in the end, it managed to get the necessary documentation, and to list several cryptos.
Japan has been very careful when approving coins
The approval for HT seems to have been just as difficult to obtain, and the token became 26th cryptocurrency approved by Japan’s FSA (Financial Services Agency).
As mentioned, Japan has been getting stricter and stricter about approving coins, and this all started after the Mt. Gox exchange was hacked, back in 2014. At the time, this was one of the largest exchanges in the world,
However, the hack robbed it of $450 million in crypto. While some of the money was recovered since then, the exchange’s reputation was ruined, and it wasn’t long before it had to shut down. The regulators were determined to prevent something like that from ever happening again, hence the strict rules.
Even so, the country’s financial watchdog has shown that it is willing to listen. It simply requires a lot of time and a lot of convincing before it gives any crypto project a green light.