Gibraltar Financial Services Commission awards DLT license to Huobi
Gibraltar Financial Services Commission (GFSC) has awarded a full Distributed Ledger Technology (DLT) license to Singapore-headquartered digital currency and asset management service provider Huobi.
Huobi is now able to store and transmit value belonging to others using blockchain technology.
Honorable Albert Isola MP, Gibraltar’s minister for commerce, said in a press release CoinReport received from PR company Wachsman, “This announcement is yet another example of the effective road to market Gibraltar is providing for companies seeking continued innovation under the umbrella of sensible and secure regulation. The robust DLT legislation we have introduced gives quality companies like Huobi a supportive framework on which they can further develop and cultivate sustainable legacies.”
Gibraltar’s DLT legislation was introduced back in January 2018. It is a custom-made regulatory framework for firms making use of DLT or blockchain. Via this principles-directed method, Huobi, as a firm now fully adhering to this law, is able to talk to regulators in a strong and quick way while also taking advantage of flexible framework that enables room for guidelines to evolve together with the blockchain space.
An international digital currency exchange, Huobi offers clients digital asset trading as well as asset management services. The exchange’s operations are established the world over. It is one of the largest exchanges operating in the blockchain space. It has set up compliance service teams all over the world to ensure a customer-focused approach.
Minister Isola concluded, “Our congratulations to the team at Huobi who have demonstrated a detailed understanding of the nine regulatory principles that underpin our DLT legislation. Their commitment to building innovation and sustainability in the industry is evidenced by the granting of today’s licence. A global industry leader, Huobi is a welcome addition to the thriving blockchain ecosystem we have established here in Gibraltar and further consolidates the jurisdiction’s position as a world class destination for blockchain companies.”
Image credit – Paul (CC BY-SA 2.0)