Huobi recently became the latest cryptocurrency exchange platform to receive provisional approval from the Dubai Virtual Assets Regulator. This provisional approval allows Huobi to offer virtual asset exchange products and services to “pre-qualified investors and professional financial service providers.”
Spot and OTC services are limited to pre-qualified investors
Asian cryptocurrency exchange platform Huobi has become the latest digital asset services company to receive provisional approval from the Dubai Virtual Assets Regulatory Authority (VARA). According to a statement released by the exchange, the approval authorizes Huobi’s United Arab Emirates (UAE)-based entity to offer a “full suite of virtual asset exchange products and services.”
Prior to granting approval to Huobi, VARA had granted another temporary license to Seychelles-based crypto trading platform OKX. Prior to this, the regulator also issued approvals or licenses to Binance, FTX, and Coinmena.
Meanwhile, in astatementthe crypto exchange said it would target so-called professional investors. With regard to spot and over-the-counter (OTC) trading services, Huobi said these will be “extended to a limited subset of pre-qualified investors and professional financial service providers.”
Establishment of Regional Headquarters
Huobi also suggested that the provisional license would pave the way for the establishment of a regional headquarters for the exchange in Dubai. In remarks following the granting of the provisional license, Huobi Group CFO Lily Zhang said.
The Government of Dubai is committed to making the Emirate of Dubai the global hub of the future digital economy and the forefront of financial innovation, and Huobi is optimistic about the city’s potential and the future opportunities it offers.
Zhang added that her organization is considering working to “promote the growth of the virtual asset industry there.”
In addition to licenses from VARA, Huobi also has licenses in other regions, including South Korea, Japan, and Gibraltar, the statement said.
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