Huobi Shifts Base to Gibraltar as China Crackdown Intensifies
HM Government of Gibraltar’s Ministry for Digital and Financial Services has approved the migration of Huobi Global’s spot trading business to its regulated Gibraltar platform, which will take place in stages with the support and approval of the Ministry for Digital and Financial Services. The Gibraltar Financial Services Commission (GFSC) has also given the go-ahead for the process to begin.
This year marks the fifth anniversary of the founding of Huobi Group, a world-leading blockchain firm that was established to create advances in core blockchain technology and deepen the integration of blockchain technology with other sectors. As a result of its investments in over 60 upstream and downstream firms in the blockchain sector, Huobi Group has built a worldwide digital ecosystem.
As of today, Huobi Technology (Gibraltar) Co. Ltd. is a fully licenced and regulated decentralised ledger technology (DLT) service provider in Gibraltar. The Government of Gibraltar has worked hard to ensure that the best feasible standards are met by regulated virtual asset exchanges, and it has applauded Huobi Global’s decision to move its spot exchange to its regulated platform in the British territory.
Gibraltar was the foremost country to implement a purpose-built distributed ledger technology (DLT) legal and regulatory infrastructure, which went into effect on January 1, 2018. In the same year, the DLT licence awarded to Huobi Gibraltar was among the first set of licences granted by Gibraltar under this framework. Due to this license, Huobi Gibraltar now has the power to store and transport digital assets on behalf of its clients, serving as a centralized exchange with regulatory oversight that may serve as an alternative to over-the-counter (OTC) solutions.