A foundation associated with the cryptocurrency exchange platform Huobi has officially been approved as a charity.

Receiving approval from the Board of Charity Commissioner for Gibraltar, Huobi Charity Limited (“Huobi Charity”), is now a fully registered and regulated charity organisation.

During 2020, Huobi committed over a million dollars to help provide medical supplies to hospitals and this is a clear signal that they want to continue their philanthropic efforts into the future.

Huobi released a statement detailing their work within the charity sector and how this development can be viewed a positive step.

It read: “As a formally recognized charity, Huobi Charity will be able to accept fiat and digital asset contributions from different entities and conduct various philanthropic activities to help create a better future globally.”

They added that this charity aims to “alleviate poverty; advance education; promote health and longevity; nurture communities; advance art, culture, heritage or science; further environmental protections; and provide relief to persons in need.”

Ciara Sun, Vice President of Global Markets and head of social impact initiatives at Huobi Group discussed the impact of being a registered charity, adding: “By receiving formal status as a registered charity in Gibraltar, we’ll be able to collaborate with other internationally-renowned charities and have a much bigger impact on the lives of people all across the globe.”

Being a registered charity means that Huobi Charity Limited will be expected to comply with the regulatory requirements associated with such organisations This includes, but is not limited to, the disclosure of transactions, annual audits and increased visibility.