Huobi, an Asian cryptocurrency exchange platform has been approved provisionally by the Dubai Virtual Assets Regulatory Authority. The exchange released a statement stating that this approval allows Huobi’s United Arab Emirates-based entity to offer a complete suite of virtual asset exchange products.
VARA had issued another provisional license to OKX, a Seychelles-based cryptocurrency trading platform OKX before Huobi was given its approval. The regulator also issued licenses to Binance and FTX before this.
In a statement the crypto exchange stated that it will target professional investors. Huobi stated that OTC and spot trading services will be available to a small number of qualified investors and professionals.
Huobi suggested that the provisional license would open the door to the establishment of the regional headquarters of the exchange in Dubai. Following the granting the provisional licence, Huobi Group CFO Lily Zhang stated:
Dubai Government has committed to making the Emirate a global digital hub and a leader in financial innovation. Huobi is positive about the city’s future potential and the opportunities it presents.
Zhang stated that her company is committed to the ‘fostering growth of the virtual assets industry there’.
Huobi stated in the statement that, in addition to the VARA license, it also has licenses in other areas such as South Korea and Japan.