Cryptocurrency exchange Huobi announced the launch of the world’s first national token, DMC (Dominica Coin) and Dominica DID, under the authorization of the government of the Commonwealth of Dominica. For the project, Huobi tapped Tron Network and DMC Labs.
According to the official press release, both Dominica DID and DMC were originally issued on the Tron Network. Support cross-chain interaction with Ethereum, BSC, and other public chains via the BitTorrent Chain protocol will be rolled out.
This comes after Tron entered into an agreement with the Dominican government to roll out a national fan token in a bid to promote the island’s heritage and tourism.
Dominica Coin and DID
The TRC 20 standard Dominica Coin will be issued for sale through Huobi Prime. With the help of Dominica DIDs, users can complete identity verification on the crypto exchange. A Dominica DID-verified account benefits from the same rights and interests as an account verified via any other nationality on the premise of compliance with laws and regulations.
Huobi’s statement read,
“With the approval of the Dominica government, Huobi’s globalization strategy will set forth from the Caribbean region to cover Southeast Asia and Europe. While paving the way for full compliance and healthy development for the industry, Huobi is determined to regain its position as one of the top cryptocurrency exchanges.”
Caribbean Emerges as Top Choice for Crypto Exchanges
Over the past several months, the Caribbean has become a hotspot for the crypto industry to set up shop. The latest development comes weeks after the Chinese crypto exchange hinted at its plans to move its headquarters from Seychelles to the Caribbean, citing its “super-friendly” on the digital asset industry.
Huobi representatives recently met with the Prime Minister of the Dominican Republic to talk about how the crypto exchange plans to enhance the infrastructure in the country by relocating 200 out of 1,600 employees to its new headquarters. The move would mark the latest instance of a crypto exchange moving from Asia to the Caribbean in search of a friendlier regulatory environment.
Currently, Huobi has offices in Hong Kong, South Korea, Japan, and the United States, with its headquarters in the Seychelles Islands.
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