Huboi Replaces Bit Trade To Relaunch Its Own Exchange Services In Japan


Huboi Replaces Bit Trade To Relaunch Its Own Exchange Services In Japan

Huboi, the Singaporean crypto exchange operator with a major share in leading crypto markets around the globe has re-opened its service in Japan on Wednesday. It replaces Bit Trade, a Financial Services Agency (FSA) permitted operator, which it bought in 2018.

Huboi Group has stopped its services in mid-2018 after it failed to acquire a permit from the local market watchdog, Financial Services Agency (FSA). Japan has officially become the first country in the world with nationwide regulations on the crypto asset. The combined effort of Crypto institutions and Japan government has resulted in making Japan the biggest crypto trade market with the highest daily trading volume.

Japanese Government made it compulsory for every crypto service provider to get a permit from FSA in order to operate in the biggest crypto market in the world.

Bit Trade, one of the 16 FSA licensed operators in Japan was acquired by Huboi Group in September 2018, and by December its services were suspended by the group. Now Huboi is relaunching its own Exchange services with 6 different crypto service offerings.

What’s New With The Huboi Group Exchange?

The newly launched Exchange would continue the services of BitTrade with the addition of three new pairs, ETH/JPY, LTC/JPY, and XRP/BTC. The customers of BiTrade Exchange would have to make new accounts on Huboi Japan and also fill the Know Your Customer (KYC) form in order to avail the services of the new exchange.

The crypto exchange would offer trading services for 6 cryptocurrencies which include Bitcoin(BTC), Ethereum(ETC), Ripple(XRP), Bitcoin Cash(BCH), Litecoin(LTC), and MONA Coin(MONA). The exchange offers you to trade the said crypto assets either against Japanese Yen or Bitcoin except for MONA.

The exchange would open the trading pairs of ETH/JPY and BCH/JPY on Thursday while the MONA/JPY and LTC?JPY would open on Friday.

The latest addition in Japan comes in as the fourth Exchange for the Singaporean Huboi group, with previous exchanges set up in Australia and South Korea. The Huboi Group’s native token HT is currently available on native South Korean exchanges only, with no announcements of its addition to the Japan and Australian based exchanges.

Conclusion

Japan being the first official nation to regulate crypto asset has turned into a hub for major exchanges around the world. A similar approach by other Governments and Regulatory bodies may pave the way for early adoption of cryptos in the main financial sector.

With the right set of regulation guidelines, both cryptocurrencies and central institutions like the bank can feed off each other's strong points and specializations, to eliminate many security and privacy nuisances of the world.

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