Based in Crypto currency , Huobi Groupestablished a Communist party committee based in Beijing as its subsidiary.
The Hong Kong-based company, which also has the 3rd crypto money exchange in terms of world trading volume with the same name, made an announcement in its website on November 16, saying, ” The principles and policies of the Communist Party have to be applied to private companies.”
This move is the first in the field of crypto and blockchain in China, but the company also plans to get the support of companies in the domestic market.
Li Lin, the founder and CEO of Huobi, described the committee as a turning point for their company at the opening of the committee, which was attended by 50 people.
As China’s regulatory agencies took harsh measures against the crypto-money trade last autumn, firms on the domestic market crypto-shifted their activities to more friendly countries. Although the headquarters of the Huobi Stock Exchange is in Singapore, it is still continuing its blockchain consultancy and research activities in China.
According to local sources; Although the Communist Party is the standard for public institutions, at least three party members are required to establish such committees. However, in recent years, it has become common for firms to establish more formal relations with the ruling party.
In addition, Chinese authorities actively support the adoption of Blockchain technology while restricting numerous crypto-currency activities, including token sales. Indeed, in August, the Communist Party made it a norm in official offices to open Blockchain for officials and members.