- VARA has already awarded OKX a provisional license before approving Huobi.
- Huobi believes a regional headquarters for the exchange may be established in Dubai.
The Dubai Virtual Assets Regulatory Authority (VARA) has awarded provisional approval to Huobi, according to a statement from the business. Huobi’s virtual asset exchange products and services may now be offered to “pre-qualified investors and professional financial service providers” as a result of the provisional authorization.
The provisional authorization to Asian cryptocurrency exchange Huobi, adds to the increasing roster of digital asset service providers. On the basis of this approval, Huobi’s United Arab Emirates-based firm may now provide “a full suite of virtual asset exchange products and services,” as said in a statement from the exchange.
Global Hub for the Future Digital Economy
VARA has already awarded OKX a provisional license before approving Huobi, a crypto trading platform located in Seychelles. Before this announcement, the regulator had given Binance, FTX, and CoinMena licenses or approvals to operate.
A spokesperson for the crypto exchange stated in a statement that the service is aimed at so-called professional traders. Pre-qualified investors and financial service providers will be able to use Huobi’s spot and OTC trading services. As a result of receiving the provisional license, Huobi believes that a regional headquarters for the exchange may be established in Dubai.
Lily Zhang, the CFO of Huobi Group, stated:
“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.”
According to the announcement, Huobi has also secured licenses in South Korea, Japan, and Gibraltar in addition to the VARA license.
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