According to Huobi, Huobi was recently granted provisional approval from Dubai Virtual Assets Regulatory Authority. Huobi can now offer virtual asset exchange products to qualified investors and professionals.
Huobi, an Asian cryptocurrency exchange platform has been approved provisionally by the Dubai Virtual Assets Regulatory Authority. The exchange released a statement stating that this approval allows Huobi’s United Arab Emirates-based entity to offer “a complete suite of virtual asset trading products and services.”
VARA had issued another provisional license to OKX, a Seychelles-based cryptocurrency trading platform OKX before Huobi was given its approval. The regulator also issued licenses to Binance and FTX before this.
In a statement the crypto exchange stated that it will target professional investors. Huobi stated that OTC and spot trading services will be available to a “selected subset of qualified investors” and professionals in financial services.
Huobi suggested that the provisional license would open the door to the establishment of the regional headquarters in Dubai. Following the granting the provisional licence, Huobi Group CFO Lily Zhang stated:
Dubai Government has committed to making the Emirate a global digital hub and a leader in financial innovation. Huobi is positive about the city’s future potential and the opportunities it presents.
Zhang stated that her company is committed to “fostering the growth of the virtual assets industry.”
Huobi stated in the statement that, in addition to the VARA license, it also has licenses in other areas such as South Korea and Japan.
