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A full DLT Licence has been awarded to Huobi, the Singapore-based cryptocurrency exchange and asset management service provider, by the Gibraltar Financial Services Commission (GFSC). After completing a rigorous application process, Huobi can now store and transmit value belonging to others using blockchain technology. It joins a number of firms in receiving a DLT Provider licence in Gibraltar, including Covesting, Coinfloor and the Gibraltar Blockchain Exchange.

Huobi is an international cryptocurrency exchange offering clients digital asset trading and asset management services. With operations established worldwide, Huobi is one of the largest exchanges operating in the blockchain industry. It has established compliance service teams across the globe, including in Hong Kong, Brazil, Canada, UK and Australia, to ensure a customer-centric approach and to deliver secure and credible digital asset trading and asset management services.

Gibraltar’s Minister for Commerce, Albert Isola, said of the award: “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.”

Introduced in January of this year, Gibraltar’s DLT legislation is a purpose-built regulatory framework for businesses using blockchain or DLT. Through this principles-led approach, Huobi, as a company now fully compliant with this legislation, can engage with regulators in a robust and speedy manner while also benefiting from the flexible framework that allows room for guidelines to evolve in tandem with the blockchain sector.

Mr Isola added: “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.”