A statement by Huobi has stated that Huobi is the most recent cryptocurrency exchange platform to receive provisional approval of the Dubai Virtual Assets Regulatory Authority. The provisional approval allows Huobi to offer virtual asset exchange products and services to “pre-qualified investors and professional financial service providers.”
Spot and OTC Services are only available to pre-qualified investors
Huobi is the Asian cryptocurrency platform and has received provisional approval by Dubai Virtual Assets Regulatory Authority. According to a statement released by the exchange, this approval gives Huobi’s United Arab Emirates (UAE)-based entity the authority to offer “a full suite of virtual asset exchange products and services.”
VARA issued another provisional licence to OKX, the Seychelles-based cryptocurrency trading platform OKX before Huobi received its approval. The regulator also issued licenses and approvals for Binance, FTX and Coinmena before Huobi was approved.
The crypto exchange stated that it would target professional investors in a statement. Concerning spot and over-the-counter (OTC) trading services, Huobi said these will be extended “to a limited subset of pre-qualified investors and professional financial service providers.”
Regional Headquarters
Huobi also suggested that getting the provisional license paves the way for the establishment of the exchange’s regional headquarters in Dubai. Following the grant of the provisional licence, Huobi Group’s CFO Lily Zhang stated:
Dubai Government will make the Emirate an international hub for financial innovation. Huobi is optimistic about the city’s potential and the future opportunities it offers.
Zhang added that her organization is looking to work to “foster growth of the virtual asset industry there.”
Huobi also stated that VARA granted it a license.
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