Huobi Joins China's Blockchain Network Service Alliance as Founding Member
In December 2019, cryptocurrency exchange Huobi became one of the founding members of China's Blockchain-based Service Network (BSN) alliance. This government-backed initiative was jointly launched by:
- China's State Information Center (SIC)
- China UnionPay
- China Mobile
The alliance aims to create standardized blockchain infrastructure services across industries. Huobi's inclusion marks significant recognition of its technical capabilities in blockchain solutions.
Key Takeaways:
- First batch of approved BSN members
- Partnership with major state-owned enterprises
- Strengthened position in China's regulated blockchain ecosystem
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Huobi Secures Thailand's Fifth Cryptocurrency Exchange License
In July 2019, Huobi Thailand—a subsidiary of Singapore-based Huobi Group—received official approval to operate as a digital asset exchange in Thailand. This made them:
- The fifth licensed crypto exchange in Thai history
- The first major international exchange to gain this approval
The license demonstrates Huobi's compliance with Thailand's strict digital asset regulations, including:
- Anti-money laundering (AML) requirements
- Know-your-customer (KYC) protocols
- Financial reporting standards
Why This Matters:
- Expands Huobi's Southeast Asian market presence
- Sets precedent for international exchanges entering Thailand
- Enhances credibility through regulatory compliance
Frequently Asked Questions
What is Huobi's relationship with China after the crypto ban?
While headquartered in Singapore, Huobi maintains strategic partnerships with Chinese entities for blockchain (not cryptocurrency) development. The BSN membership focuses on enterprise blockchain solutions permitted under Chinese law.
How many countries has Huobi expanded to?
Huobi operates in multiple jurisdictions including Thailand, Japan, and South Korea through licensed local entities, with varying service availability per region.
What makes Thailand's crypto license significant?
Thailand's Digital Asset Business Decree requires:
- 50 million THB (~$1.5M) registered capital
- Robust cybersecurity measures
- Regular financial audits
Making it one of Southeast Asia's most rigorous frameworks.
Industry Impact and Future Outlook
These developments highlight Huobi's dual strategy:
- Enterprise Collaboration: Partnering with governments and traditional institutions on blockchain infrastructure
- Regulatory Compliance: Obtaining licenses in progressive jurisdictions to offer compliant crypto services
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Analysts suggest this approach positions Huobi favorably for:
- Institutional blockchain projects
- Regulated cryptocurrency services growth
- Cross-border payment solutions
The Thailand expansion particularly demonstrates how crypto businesses can work within strict regulatory environments while maintaining operational flexibility—a model increasingly adopted across the industry.