Huobi Becomes Latest Crypto Exchange To Receive Preliminary Approval From Dubai Regulator – Exchanges Bitcoin News
Huobi recently became the latest cryptocurrency exchange platform to be granted preliminary approval by the Dubai Virtual Assets Regulatory Authority, the company said in a statement. The preliminary 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 preliminary approval from the Dubai Virtual Assets Regulatory Authority (VARA). According to a statement released by the exchange, this approval gives Huobi’s United Arab Emirates (UAE)-based unit the authority to offer “a full suite of virtual asset exchange products and services.”
Before giving Huobi its approval, VARA had granted a new provisional license to Seychelles-based crypto trading platform OKX. Also before this, the regulator had issued approvals or licenses to Binance, FTX and Coinmena.
Meanwhile, the crypto exchange said in a statement that it will target so-called professional investors. As for 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 obtaining the preliminary license paves the way for the establishment of the exchange’s regional headquarters in Dubai. In remarks following the award of the provisional license, Huobi Group CFO Lily Zhang said:
The Dubai Government is committed to making the Emirate a global hub for the digital economy of the future and being at the forefront of financial innovation. Huobi is optimistic about the city’s potential and the future opportunities it offers.
Zhang added that her organization wants to work to “promote the growth of the virtual asset industry there.”
Besides the license from VARA, Huobi said in the statement that it has also obtained licenses in other regions such as South Korea, Japan and Gibraltar.
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