Hong Kong: Huobi Exchange Subsidiary Bags Two Important Licenses from the SFC – BTCMANAGER

Huobi Asset Management, the Hong Kong-based asset management subsidiary of Huobi Technology Holdings, has been granted a Type 4 (advising on securities) and a Type 9 (asset management) license by the Securities and Futures Commission (SFC), according to a report on August 3, 2020.

Huobi Crypto Exchange Sees More Wins

Barely four months after its native altcoin, Huobi Token (HT) got into the history books as the first exchange token approved by Japan Financial Services Agency (FSA), leading bitcoin (BTC) trading venue Huobi Global has reached another significant feat in Asia.

Per sources close to the matter, Huobi Asset Management has announced that it has successfully secured a Type 4 and a Type 9 license from the Securities and Futures Commission (SFC) on July 31, 2020.

Specifically, the Type 4 license will enable the firm to provide securities advisory services to its clients, while the Type 9 license gives the firm the legal right to provide asset management services to its institutional customers.

Bringing Institutional Money into Crypto

For those who are unaware, Huobi Asset Management is a subsidiary of Huobi Technology Holdings and both firms are under the Huobi Global crypto exchange.

At a time when institutional investors are increasingly buying bitcoin (BTC) and other cryptocurrencies, Elaine Sun, the Compliance Director at Huobi Tech says the new license would enable the firm to further bridge the gap between the traditional financial ecosystem and the crypto space.