Huobi to Create Committee to Cooperate with CCP

Larfe cryptocurrency exchange operator seems to be looking for cooperation with authorities
20 November 2018   227

The Huobi cryptocurrency exchange unit in Beijing set up a committee to cooperate with the Chinese Communist Party. Thanks to a new initiative, Huobi plans to receive support from the country's ruling party in the region, CoinDesk reported.

In a blog, Huobi representatives said that the principles and policies of the Chinese Communist Party should be implemented in the work of private organizations. Huobi founder Li Lin noted that the creation of a committee is an important milestone in the company's history.

According to the demand of the Chinese Communist Party, state-owned companies with at least three employees are required to create such committees. However, according to local media, in recent years, this practice has become popular among private firms.

Note, cryptocurrency trading in China is prohibited. Therefore, in the country, the Huobi team has opened a consulting and research unit and does not exchange digital assets.

Despite the restrictions imposed on the cryptoindustry, the Chinese authorities are actively promoting blockchain development in the country. In August, the Chinese Communist Party published an educational book about distributed registry technology for government officials.

Huobi to Launch Regulated Crypto Exchange

New entity will be focused on the institutional investors
07 December 2018   115

After obtaining a DLT license in Gibraltar, the Huobi cryptocurrency exchange revealed plans to launch a global infrastructure for clients.

According to Huobi representatives, the Gibraltar license gives the right to store and transfer cryptocurrency assets on behalf of clients all over the world. It will also simplify the exchange of fiat currencies for cryptoactives, according to a press release.

Our Gibraltar DLT license will allow us to open a fully-regulated exchange for our Global Institutional clients and retail clients alike, so this is a big win for Huobi and a very positive step forward for our global strategy. 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.
 

Lester Haoda Li

Head of Global Institutional Business, Huobi London

In a press release, Huobi also notes that Gibraltar was the first jurisdiction to introduce a regulatory framework for the provision of technology services in a distributed registry.