Singapore-based crypto exchange Huobi has gained a so-called DLT license in Gibraltar

Huobi Global, the Singapore based leading blockchain firm has revealed its future plans based on the received Distributed Ledger Technology (DLT) license. Announced on 5th December at the London Conference, the company’s DLT license issued by Gibraltar, the global regulatory leader for legally managing digital assets and framing regulations for cryptocurerncy exchanges, is the first series of licenses authorised. Huobi  also has a plan of setting up a fully regulated digital currency based trading platform

The new license provides possibilities of crypto-to-fiat and fiat-to-crypto operations as a good alternative to OTC services. It is also beneficial for facilitating global transmission and storage of virtual assets belonging to its clients. The license paves the way for the company’s new year objective to enter the regulated domain of financial assets.

Purpose of the new plan

Through the new initiatives, Huobi plans “To kick things off, we are launching with OTC services but we have no intentions of stopping there,” said Lester Haoda Li, the Head of Global Institutional Business, at Huobi London. “Our intention is to give our clients advantages and a comprehensive ‘one stop shop’ that was just not possible under the old paradigm,” he added.

The primary aim of the company for the inclusion of regulatory framework within the digital currency space is attracting more number of investors. “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,” commented Li.

The other agenda of the conference included benefits of securing the stable coin solution of the exchange, HUSD, Huobi Institutional account and the investment criteria of the Group. The fundamental purpose of holding the conference was to present the positive outlook of the company in the upcoming year.

Also read: Japanese financial services company SBI Holdings will partner with software firm R3 to expand local use of its Corda Blockchain platform

Source: https://bcfocus.com/news/huobi-globals-new-dlt-license-decides-future-plans-for-new-year-2019/43955/