If accepted, this registration will allow the trading platform to grant recognition in the country. As a result, it can only carry out a restricted amount of transactions, including FX and cryptocurrency transactions. While it awaits complete license permission to offer a full crypto exchange business in the country, it will make do with the clearance it currently has.
With the Forex transaction permit, the exchange will be able to trade in Australian dollars, foreign currencies, and cryptocurrencies.
The Australian crypto registration and licensing efforts follow the exchange's move into Dubai after receiving provisional clearance from the Dubai Virtual Assets Regulatory Authority for the MVP (VARA). At the same time, it is awaiting approval from the country. Huobi also has a legal presence in South Korea, Japan, and Gibraltar, and its regulatory ambitions have expanded into New Zealand.
“We have always made security and compliance our top objectives because we think that only by doing so can we expand alongside the industry and deliver professional and secure services to our users,” stated Lilly Zhang, Chief Financial Officer at Huobi Global. “We are encouraged by the increasing number of licenses and registrations we have obtained around the world, which reflects our dedication to compliance expansion.” We intend to capitalize on this momentum to propel our global expansion.
When compared to the countries that have kicked it out in the last year, the exchange's rising regulatory support is a complement. While it has no presence in China due to the country's strict attitude on cryptocurrency, Huobi Global was also kicked out of Thailand for failing to meet the Securities and Exchange Commission's regulations.
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