Huobi’s Major Move in Australia
On August 1, Huobi took a significant step forward by registering as a digital currency exchange provider with the Australian Transaction Reports and Analysis Centre (AUSTRAC). This registration means that Huobi can now offer trading services between fiat currency and cryptocurrencies in Australia. Talk about making a splash in the land of kangaroos!
Trading Activities Post-Registration
Cointelegraph has been on the case, reaching out to Huobi to clarify whether they will roll out full exchange services or keep things simple. Initially, it seems that the exchange will focus on providing over-the-counter (OTC) trading services. However, given the dynamic world of crypto, you can bet that the situation is likely to evolve faster than a cat chasing a laser pointer.
American Ambitions on the Horizon
But wait, there’s more! Huobi isn’t just stopping at Australia. The company has set its sights on the American market, launching its American subsidiary, HBIT, back in July 2022. With a shiny new Money Services Business license under its belt, there are high hopes for launching exchange services stateside in the near future.
Global Footprint: New Zealand and the UAE
In June 2022, Huobi also made headlines by scoring licenses in New Zealand and the United Arab Emirates. Specifically, Dubai’s Virtual Assets Regulatory Authority (VARA) granted Huobi provisional approval to start offering its services. We all know Dubai is where people go to shop for gold and live their best lives, so it’s no wonder Huobi is eager to set up its crypto shop there.
A Comprehensive Suite of Services
The local entity in Dubai plans to roll out a full suite of cryptocurrency products and services using what’s known as a “test-adapt-scale” model. Sounds fancy, right? This approach will help Huobi solidify their footing and fine-tune their offerings in the region.
The Bumpy Road of Compliance
However, it hasn’t all been smooth sailing for Huobi. The exchange faced challenges in Thailand, ultimately having to shut its doors after failing to meet the local securities regulations. It’s a classic case of crypto drama, underscoring just how important compliance is in the ever-evolving regulatory landscape.
Gibraltar: A Safe Harbor for Crypto
After being forced to relocate from China due to strict crackdowns on cryptocurrency, Huobi found its new home in Gibraltar. This British Overseas Territory has emerged as a popular haven for cryptocurrency businesses. With stunning views and a favorable regulatory environment, Gibraltar is certainly rolling out the red carpet for Huobi and its peers.
Conclusion: A Future of Opportunities
As Huobi continues to navigate the tricky waters of cryptocurrency regulations and expansions, it’s clear one thing remains: the global appetite for digital currencies is only growing. With moves in Australia, plans for the U.S., and a foothold in the UAE, Huobi is gearing up for a future full of opportunities and maybe, just maybe, fewer hurdles along the way.
