Huobi Becomes Latest Crypto Exchange to Receive Provisional Approval From Dubai Regulator

Huobi Becomes Latest Crypto Exchange to Receive Provisional Approval From Dubai Regulator

Huobi recently became the latest cryptocurrency exchange platform to receive prior approval from the Dubai Virtual Asset Regulatory Authority, the company said in a statement. The pre-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 only available to pre-qualified investors

Asian cryptocurrency exchange platform Huobi has become the latest digital asset services company to receive pre-approval from the Dubai Virtual Assets Regulatory Authority (VARA). According to a statement released by the exchange, this approval entitles Huobi in the United Arab Emirates (UAE) to offer “a complete set of virtual asset exchange products and services.”

Before giving Huobi its approval, VARA granted another pre-license to Seychelles-based cryptocurrency trading platform OKX. In addition, prior to this, the regulator issued permits or licenses to Binance, FTX and Coinmena.

Meanwhile, in statement, the cryptocurrency exchange said it would target so-called professional investors. Regarding spot and over-the-counter (OTC) trading services, Huobi said they will be extended to “a limited set of pre-qualified investors and professional financial service providers.”

Establishment of a regional headquarters

Huobi also suggested that obtaining a temporary license paves the way for the creation of a regional headquarters for the exchange in Dubai. In comments following the provisional license, Huobi Group CFO Lily Zhang said:

THE GOVERNMENT OF DUBAI AIMS TO MAKE THE EMIRATE THE GLOBAL HUB OF THE FUTURE DIGITAL ECONOMY AND BE AT THE FOREFRONT OF FINANCIAL INNOVATION. HUOBI IS OPTIMISTIC ABOUT THE POTENTIAL OF THE CITY AND THE OPPORTUNITIES IT OFFERS IN THE FUTURE.

Zhang added that her organization is committed to working to “spur the growth of the virtual asset industry.”

In addition to being licensed by VARA, Huobi said in a statement that it has also obtained licenses in other such as South Korea, Japan, and Gibraltar.