The Dubai Virtual Assets Regulatory Authority (VARA) has granted provisional approval to the Asian cryptocurrency exchange platform, Huobi while it undertakes the process of applying for a license in accordance with VARA requirements.
Before giving Huobi its approval, VARA had granted another provisional license to Seychelles-based crypto trading platform OKX, Binance, FTX, and Coinmena.
According to the statement released by the crypto exchange, Huobi will be targeting professional investors. Additionally, spot and over-the-counter (OTC) trading services will be extended to a limited subset of pre-qualified investors and professional financial service providers.
Huobi also highlighted in the statement that getting the provisional license paves the way for the establishment of the exchange’s regional headquarters in Dubai.
Commenting more on the company’s future plans in Dubai, Huobi Group CFO, Lily Zhang said,
“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. Huobi is optimistic about the city’s potential and the future opportunities it offers. We look forward to working with VARA and other local authorities to further invest in Dubai and foster the growth of the virtual asset industry there.”
Huobi emphasized that it considers compliance with local regulations to be one of the cornerstones of its global business. As one of the earliest cryptocurrency exchanges to offer cryptocurrency trading services worldwide, Huobi has been working towards compliant growth since 2017.
As of today, Huobi Group has obtained licenses for various cryptocurrency-related services in a number of different countries and regions, including South Korea, Japan, Gibraltar, and others.