By Staff Writer
The Japanese crypto regulators have approved the Huobi token. The approval is a big boost for the platform given that only 25 tokens have been allowed to enter the Japanese market to date. Since the revision of the local Payment Services Act (PSA) last year which comes into effect on May first, investor protection has been enhanced.
The PSA and Financial and Exchange Instruments Act (FIEA) seek to protect investors in the crypto space. Starting May 1 when the Huobi token is expected to launch in the country, custodial service providers who in a way trade or acts as third parties will have to comply with the new crypto regulations. The stringent laws allow the Japanese crypto regulators to audit crypto derivatives.
All firms operating in the crypto sphere are required to go through a legal registration process to be allowed to operate in the Japanese market.