Huobi, a cryptocurrency exchange has been received The Dubai Virtual Assets Regulatory Authority has granted provisional approval (VARA), which joins other cryptocurrency exchanges to expand its footprints within the gulf country.
The company will expand its UAE operations and increase its Dubai team to help it gain a foothold on the growing UAE market.
This latest license is the result of other key competitors acquiring a similar permit by Dubai’s authority. OKX, a cryptocurrency platform (formerly OKEx), was granted a temporary virtual asset licence by Dubai authorities. The exchange plans to create a regional center in the city., allowing the company to offer a “full suite of virtual asset exchange products and services” to clients in the gulf-nation.
Dubai Virtual Assets Regulatory Authority has granted the exchange a provisional virtual asset license (VA), allowing it to provide targeted crypto products to accredited investors. The move is a complement to the exchange’s efforts in going global and highlights many aspects of its compliance abilities. However, it also speaks more about VARA’s forward-looking and benevolent stance.
The new license has allowed the platform to set up a regional headquarters in Dubai and expand its business operations in the region.
Zhang Li, Huobi Group’s Chief Financial Officer, said that “The Dubai Government is committed in turning the Emirates into an international hub for the future digital economic and financial innovation. Huobi is positive about the city’s future potential and the opportunities it presents.
Huobi said that OTC (over-the-counter) and spot services were aimed at professional investors. These services will be “expanded to a limited number of accredited investors and professional financial service providers.”
HBIT Inc, a subsidiary of Huobi Technologies has also received the Money Services Business Registration License(MSB) from the U.S. Financial Crimes Enforcement Bureau.FinCEN).
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