Huobi Japan Raises $4.6M From FPG to Expand Crypto Trading Business

Huobi Japan raised 5 million yen ($4.6 million) from Finacial Products Group (FPG), a financial instruments business operator.

Cooperation on Digitized Securities

Huobi Japan a subsidiary of Singapore based crypto exchange- Huobi, serving traders over 130 countries.

The platform launched this January as a fully compliant entity after a merger with BitTrade — one of only 16 crypto exchanges at the time to have secured a license under the aegis of Japan’s national financial regulator, the Financial Services Agency (FSA).

Financial Products Group (FPG) and Huobi Japan will provide support for new financial assets and payment methods. FPG Group anticipates a possible collaboration with Huobi Japan to digitize further Japan’s securities market by providing financial instruments business operators with Huobi’s blockchain technology.

Japan Embraces Blockchain

Japan now makes it legal for politicians to use cryptocurrency donations to fund election campaigns in the country.

Japan’s third-largest bank, Sumitomo Mitsui Banking Corporation (SMBC) said that a cross-border proof-of-concept test was successfully completed involving Mitsui & Co, a Japanese general trading company; Indorama Ventures, a Thai company in the intermediate petrochemicals business; and Bangkok Bank, Thailand’s third-largest bank.

On Oct. 6, 2019, CryptoNewsPoint.com reported that Japan’s Financial Services Agency (FSA) has issued draft guidelines for funds investing in crypto. It mentions crypto assets in the introduction, but only alludes to them in the text of the proposed amendment itself, is the latest move by the authorities in the country to prudently manage the development of the market without shutting it down.

Source: Cointelegraph.com | Images: insidecryptocoins.com

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