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Cryptocurrency traders and investors in Japan will soon finally gain the ability to trade and invest in Bitcoin SV (BSV), a fork of Bitcoin Cash that emerged in November 2018. The coin was recently listed on Huobi Japan, and the platform revealed that trading will be available in a matter of days, allowing Japanese traders to use the coin for the first time since its creation.
Huobi Japan adds its 15th cryptocurrency
The project claims that it follows the idea that Bitcoin’s original creator, Satoshi Nakamoto, had in mind when he created the world’s first cryptocurrency. This is also the reason behind the coin’s name — Bitcoin Satoshi’s Vision, or Bitcoin SV.
However, due to strict regulations regarding cryptocurrencies in Japan, the coin was not available for trade over the past three and a half years — until now, when Huobi Japan decided to look into listing it. Of course, the exchange could not just do it without the regulators’ approval, which is why Japan’s regulator, the FSA, started vetting the coin all the way back in March 2021.
The coin was finally approved, and Huobi Japan, one of the most popular local crypto exchanges, disclosed the listing yesterday, May 27th, noting that the coin will be officially listed soon and available for trading in June.
Furthermore, after it gets listed, the coin will become Huobi Japan’s 15th cryptocurrency, meaning that it will join a short and highly selective list that the exchange has to offer. Of course, Huobi Japan lists all the tokens that Japan allows, which is not too many of them, as its regulator is extremely strict, and the crypto market is tightly controlled.
The long listing procedure
The BSV Blockchain Association’s Managing Director, Patrick Prinz, noted that this is a great development and that it shows the direction in which Japan’s regulators are going. In other words, they are willing to explore alternative blockchain solutions and possibilities that can be useful to businesses, as well as the country’s citizens.
Prinz said this during his speech at the inaugural BSV Global Blockchain Convention in Dubai, adding that the Foundation has been working with businesses and officials all over the world, including Japan, to educate and inform people about how transformative the project can be.
Even so, the road to actually getting listed was a long journey. The vetting process alone took more than a year, and it included in-depth risk analysis, great sponsorship requirements from a regulated exchange, and more. The association explained the strictness of the system by using Huobi Global as an example.
Throughout the world, the exchange has over 400 listed cryptocurrencies across different subsidiaries, as well as its main platform. And yet, in Japan, it only had 14 listed coins before BSV joined the list to become the 15th one.
With the listing on Huobi Japan, however, the FSA is expected to soon make room for other Japan-based platforms to offer a listing of BSV on their exchanges.
Bitcoin SV has had a controversial beginning, launching as a fork of Bitcoin Cash, which resulted in a hash war that brought the second price crash of the global crypto market in 2018. However, since then, the project has been keeping a low profile, and simply trying to do its work as a utility coin, while following what it believes to be Satoshi’s original vision of Bitcoin.
To learn more visit our Investing in Huobi Token guide.