Huobi Receives Regulatory Approval From Dubai Authorities
- Huobi has received regulatory approval from the Dubai Virtual Assets Regulatory Authority and will now operate in the emirate
- The provisional approval will give the exchange access to operate as an asset exchange for products and services
Huobi, a major cryptocurrency exchange, has confirmed that it has won regulatory approval from the Dubai Virtual Assets Regulatory Authority and, as a result, is now authorized to operate in the emirate and cater to the crypto needs of its customers.
According to a press statement, Huobi will offer virtual asset exchange products and services to “pre-qualified investors and professional financial service providers.” The exchange’s provisional approval acquired from Dubai’s VARA will give it’s United Arab Emirates (UAE)-based entity the authority to offer “a full suite of virtual asset exchange products and services.”
The exchange revealed that it will making plans of expansion despite the current crypto winter prevailing in the market due to which volume of crypto trading has decline significantly.
“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 growth of the virtual asset industry there,”
said Huobi Group CFO Lily Zhang.
The MVP provisional approval by the Dubai Virtual Assets Regulatory Authority was given to the Huobi Investment FZE on July 15 while the press release came out last week. Additionally, the exchange will be establishing a regional headquarters in Dubai while also work with “VARA and other local authorities to further invest in Dubai and foster growth of the virtual asset industry there,” as per Huobi Group CFO Lily Zhang.
“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,”
Zhang said.
Huobi is not the only exchange that VARA has recently approved. The regulatory authority that was recently set up has granted similar provisional licenses to Binance, the world’s biggest cryptocurrency exchange along with OKX, another cryptocurrency exchange.
It seems that soon, Dubai might become a crypto hub and take the lead in the industry while other nations struggle with regulations.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
