Japan's financial regulator approves local Huobi Token trading

Huobi Token became the first exchange token to be approved by Japanese regulators. From the beginning of May HT will beAvailable for bid in the Japanese market.

Japan's Financial Services Agency (FSA) has recognizedHuobi Exchange's native token (HT), a legally compliant digital asset, will be available for trading on the world's second-largest cryptoasset market from May.

To date, the FSA has approved only 25 tokensfor trading on the Japanese market. This is primarily due to the fact that Japanese regulators are tightening requirements for participants in the cryptocurrency industry. Last year, the House of Representatives of the Japanese Diet amended laws regulating cryptocurrencies — The Payment Services Act (PSA) and the Financial Instruments and Exchange Act (FIEA), which will come into force on May 1 this year. According to the law firm Morrison & Foerster LLP, these amendments will strengthen the protection of cryptocurrency investors in Japan.

According to Huobi's Twitter announcement, the HT token will be added to the Japanese marketplace Huobi Japan in May.

Huobi Token was launched in January 2018 andallowed its holders to reduce trading commissions by up to 50%. In March, Huobi announced the launch of the decentralized finance (DeFi) public test blockchain Huobi Chain, with the HT token serving as the network's sole utility token. It is expected that the full launch of Huobi Chain will take place this year.

In 2018, Huobi had to leave Japanesemarket, since the FSA did not issue a license to the company. In the fall of the same year, Huobi acquired a controlling stake in the accredited platform BitTrade, on the basis of which the Huobi Japan division was created.

Last April, the FSA conducted an unscheduledan audit of Huobi Japan and, as a result, an order was issued to improve the security level of the trading platform and strengthen anti-money laundering (AML) measures.

During the latest cryptocurrency market crashThe HT token suffered less than many other crypto assets. If we consider the token over a longer period of time, its value has increased by 27% since January of this year — at the end of January HT was trading around $3, today its price is almost $4.

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