According to a statement from the firm, Huobi just became the most recent cryptocurrency trading platform to receive a provisional license from the Dubai Virtual Assets Regulatory Authority. As a result, Huobi can now supply virtual asset exchange goods and services to “pre-qualified investors and professional financial service providers” according to the interim authorization.
Only Pre-Qualified Investors Are Allowed to Use Spot and OTC Services
The Dubai Virtual Assets Regulatory Authority has granted provisional authorization to the Asian cryptocurrency exchange Huobi, the most recent provider of digital asset services (VARA). According to a statement made public by the exchange, this authorization allows Huobi’s business in the United Arab Emirates (UAE) to provide “a full spectrum of virtual asset exchange goods and services.”
VARA had approved OKX, a cryptocurrency trading platform located in Seychelles, before approving Huobi. Additionally, the agency had already granted Binance, FTX, and Coinmena permits or licenses.
Meanwhile, the cryptocurrency exchange stated that it would be focusing on so-called professional investors. Huobi stated that spot and over-the-counter (OTC) trading services will be limited to “a small fraction of pre-qualified investors and professional financial service providers.”
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Creating Regional Headquarters
Huobi said that receiving the temporary license opens the door for the exchange to set its regional headquarters in Dubai. Lily Zhang, CFO of Huobi Group, made the following statements after the temporary license was approved:
The Dubai Government is committed to turning the Emirate into a global hub for the future digital economy and being at the forefront of financial innovation. As a result, Huobi is optimistic about the city’s potential and the future opportunities it offers.
Zhang continued by saying that her group wants to “promote the expansion of the virtual asset business there.”
Huobi said in the statement that in addition to the license from VARA, it has also secured licenses in other countries such as South Korea, Japan, and Gibraltar.