Cryptocurrency exchange Huobi has received provisional approval from the Dubai Virtual Assets Regulatory Authority (VARA), joining other crypto exchanges to expand its footprints in the gulf-nation.
The company plans to expand its operations in the UAE and expand its team in Dubai, hoping to gain a foothold in the emerging UAE market.
The latest license comes after other key competitors acquired a similar permit from Dubai's authority, such as cryptocurrency platform OKX (formerly known as OKEx), which received a temporary virtual asset license from Dubai authorities. The exchange plans to establish a regional centre in the city, allowing the company to offer a “full suite of virtual asset exchange products and services” to clients in the gulf-nation.
The Dubai Virtual Assets Regulatory Authority (VARA) has granted it a provisional virtual asset (VA) license, allowing it to offer targeted crypto products to accredited investors. While the move complements the exchange's efforts to go global, highlighting many aspects of its compliance capabilities, it says more about VARA's benevolent and forward-looking stance.
With the permission of the new license, the foundation has been laid for the trading platform to establish a regional headquarters of the exchange in Dubai and develop a more comprehensive business in the region.
Zhang Li, CFO of Huobi Group, said: "The Dubai Government is committed to turning the Emirates into a global hub for the future digital economy and being at the forefront of financial innovation. Huobi is optimistic about the city's potential and the future opportunities it offers."
In a statement by Huobi, the spot and over-the-counter (OTC) services will be aimed at professional investors. These services will be “expanded to a limited number of accredited investors and professional financial service providers.”
Likewise, HBIT Inc, one of the subsidiaries of Huobi Technologies, has received the Money Services Business Registration License (MSB) issued by the U.S. Financial Crimes Enforcement Bureau (FinCEN).
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