Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $1,175 trillion. Bitcoin has increased by over 6% this week. Ethereum gained almost 17% over the past seven days. XRP is up by nearly 3% this past week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector increased the total value protocols (TVL) to around $44 billion. Crypto…
Leading crypto exchange Huobi Global has registered to start offering crypto exchange services in Australia. Huobi announced this bullish news via Twitter earlier today.
🇦🇺 We are proud to announce that #Huobi Group has registered as a digital currency #exchange provider with the #Australian Transaction Reports and Analysis Centre (@AUSTRAC), a steady and solid step into the market.
— Huobi (@HuobiGlobal) July 29, 2022
Huobi announcement comes after the Australian government said it would create a market license regime for crypto exchanges. According to Jane Hume, Australia’s Minister for Digital Economy, this regime sought to ensure Australians invest safely in crypto.
At the time, Huobi Global co-founder Du Jun hinted at the exchange’s ambitions to set up shop in Australia, saying:
Australia is the world’s thirteenth largest economy, making it an attractive market to Huobi. We believe that regulation is good for the industry and promotes long-term, healthy growth. Becoming a regulated exchange would give us a badge of legitimacy and also enable us to work with more partners, such as banks, payment channels, and certain advertising channels.
Huobi Continues with Expansion Plans
This news comes on the heels of Huobi registering with New Zealand’s Financial Services Provider Register (FSPR) on June 17. This registration allowed the exchange’s New Zealand arm, HBGL New Zealand Limited, to operate a regulated foreign currency exchange.
.@HuobiGlobal has successfully obtained a #registration on New Zealand's Financial Services Provider Register (FSPR)! This represents our first step towards expanding our #cryptocurrency #trading business in the country. pic.twitter.com/pHWoAUUqRc
— Huobi (@HuobiGlobal) June 17, 2022
Furthermore, HBGL New Zealand Limited can offer asset management services and over-the-counter trading. It is worth noting that New Zealand does not consider cryptos legal tender. However, the country’s regulators treat crypto firms similarly to financial service providers.
The exchange also secured the Innovation License under the Dubai International Financial Centre (DIFC) on June 17. However, this license did not allow Huobi to offer trading services. According to Huobi’s CFO, Lily Zhang, the permit allowed the firm to incentivize technology startups to set up operations in Dubai.
Nonetheless, Huobi’s efforts saw Dubai’s Virtual Assets Regulatory Authority (VARA) grant it an MVP provisional approval on July 15. This license allowed Huobi Investment FZE, Huobi’s UAE-based arm, to offer a full suite of crypto products and services.
As Huobi continues with its mission to expand into new jurisdictions, it is facing some significant setbacks along the way. For instance, the exchange shut down its Thai entity in June after the Thai Securities and Exchange Commission (SEC) revoked its license.