Huobi, one of the world’s largest digital asset exchanges, has continued its push for international expansion, securing a license to now operate in Australia.
As Huobi revealed on Twitter, it secured the license from the Australian Transaction Reports and Analysis Centre, which it described as a “steady and solid step into the market.”
🇦🇺 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
Being the world’s 13th largest economy, Australia is an attractive market for any virtual asset service provider, and over the past few years, several major VASPs have been scrambling to penetrate the market.
Additionally, the country has a vibrant digital asset community. An April survey by Roy Morgan, a market research company, found that over a million Aussies own some form of digital currency, representing about 5% of the population. The survey found the total investment in digital currencies to be around AUD21.4 billion (US$15 billion).
Huobi has had its eye on this rapidly-growing market for some time. Back in March, co-founder Du Jun revealed that the exchange would pursue a license in Australia.
While praising the regulatory approach undertaken by the Aussie government, Jun stated that “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.”
The Australian license is the latest for Huobi, which has been on an expansion spree lately. It recently obtained a Money Services Business Registration License (MSB) from the U.S. Treasury Department through its subsidiary HBIT Inc. It also received licenses in Dubai and New Zealand’s Financial Services Provider Register in the past month. The exchange also applied for a license under the Securities and Futures Commission (SFC) in Hong Kong.
The exchange has also been adding new currencies, which users have been demanding for such as Huobi Japan’s listing of BSV in June.
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