Crypto trading has seen a massive boom in popularity in the last few years – and it’s now accessible to traders from all over the world. Huobi, a popular cryptocurrency exchange, has decided to expand into the Malaysian market, bringing new trading opportunities to Malaysian traders.
Soon, Malaysians will be able to trade crypto assets, and Huobi has swooped in to facilitate the process. Huobi Global will be fully regulated by the Malaysian authorities, having gained local authorization and certification in September of 2020.
Huobi saw a major drop in trading this year, but it has since picked back up. With its headquarters in Singapore, Huobi is in the prime position to tackle the burgeoning Malaysian market. The new Huobi Global platform will allow Malaysian traders to trade with local brokerage companies, who will have a crypto trading option available for 9 months – as a trial.
For the first 9 months, the platform will be allowed to offer crypto spot and derivatives trading – of around a dozen digital assets, including Bitcoin, Ethereum and EOS.
While this is probably fantastic news for Malaysian traders, it comes as a bit of a blow to casinos. Online casinos in Malaysia have long been used as a place for storing crypto, but now traders will likely depart from the gambling platforms and head towards the better pastures of a regulated crypto exchange.
The introduction of Huobi into the Malaysian market is a sign that things are changing in the region. The Singapore-based exchange is in exactly the right position to provide services to Malaysians, moving crypto away from online casinos and into the realm of exchanges and trading platforms.
Huobi is likely just the first step in a major boom in the Malaysian crypto market, so we’ll be keeping an eye on what’s going to happen next.