Major Crypto Exchange Huobi Gains A DLT License In Gibraltar

Singapore-based crypto exchange Huobi is in our blockchain news today since it gained a Distributed Ledger Technology license in Gibraltar.

Huobi operates on the UK territory and it is encouraging more regulation on the crypto industry, wants to create an international platform that will cover retail and institutional traders, according to their press release:

 “The new license gives Huobi the authority to store and transmit digital assets on behalf of clients worldwide.”

By taking this step, Huobi will battle other major crypto exchanges such as Bittrex, Binance, and Coinbase in trying to provide and serve traders in as many jurisdictions as possible when the regulatory frameworks go on developing and evolving.

Approximately seven days ago, Huobi launched a derivatives market in the United States, and the head of global international business Lester Haoda Li said:

 “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 Distributed Ledger Technology license will allow us to open doors to more institutional investors who were previously unable or unwilling to get involved in an unregulated sphere.”

This service is planned to make its debut in early 2019 and the company has no intentions on stopping here. This crypto giant is currently the third largest exchange by daily trade volume where more than $466 million in trades in just over 24 hours can be noticed.

As far as Gibraltar is concerned in this story, it is one of the most crypto advanced places on earth right after Malta for welcoming crypto businesses.