LONDON, Dec. 5, 2018 /PRNewswire/ -- At a London conference today, Huobi Global released details on its Gibraltar-issued Distributed Ledger Technology (DLT) license and plans for a fully regulated cryptocurrency exchange.
"Our Gibraltar DLT license will allow us to open a fully-regulated exchange for our Global Institutional clients and retail clients alike, so this is a big win for Huobi and a very positive step forward for our global strategy," said Lester Haoda Li, who, as the Head of Global Institutional Business, is based in Huobi's London office. "It's no secret that we think that well-designed regulatory regimes are a key part of the future for the cryptocurrency industry. Among other benefits, our DLT license will allow us to open doors to more institutional investors who were previously unable or unwilling to get involved in an unregulated sphere."
Huobi's license is among the first batch of licenses awarded by Gibraltar via its newly instituted regulatory environment for overseeing digital assets. Gibraltar is the first jurisdiction to introduce a purpose-built DLT regulatory framework.
The new license gives Huobi the authority to store and transmit digital assets on behalf of clients worldwide. In addition to bringing crypto-to-crypto trading within a fully regulated environment, the license also opens up exciting possibilities for simplified and efficient fiat-to-crypto and crypto-to-fiat functionality that provides a welcome alternative to OTC services. This license also provides a springboard for Huobi's future plans, which includes a concerted move into the regulated financial product space. "To kick things off, we are launching with OTC services but we have no intentions of stopping there," said Li. "Our intention is to give our clients advantages and a comprehensive 'one stop shop' that was just not possible under the old paradigm."
Huobi expects to roll out these plans in the first half of 2019.
At the conference, which was attended by institutional investors and traders, Li and other Huobi executives also shared the benefits of having a Huobi Institutional account, the Huobi Group's investment criteria, as well as HUSD, Huobi's comprehensive stablecoin solution.
The conference also featured a panel of industry executives who shared their insight on the future of their sectors. This was moderated by Julien Auchecorne, COO of XBTO, and included Simon Taylor, Co-founder 11FS and Global Digital Finance; Steve Kelso, CEO, Galaxy Digital Europe; Shane Kehoe, Co-Founder of SVK Crypto; and Bob Vosalik, Head of Europe, FBG Capital.
"This evening, we were fortunate enough to be joined by some of the leading innovators in this space," said Josh Goodbody, General Counsel for Huobi's Global Institutional Business. "As the year draws to a close, we wanted to share this insight and the positive outlook for 2019."
Consisting of ten upstream and downstream enterprises, Huobi Group is the world's leading blockchain company. Established in 2013, Huobi Group's accumulative turnover exceeds US $1 trillion. It proudly provides safe, secure, and convenient cryptocurrency trading and asset management services to millions of users in 130+ countries.
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