Huobi Becomes Latest Crypto Exchange to Receive Provisional Approval From Dubai Regulator

Huobi recently became the latest cryptocurrency exchange platform to be granted provisional approval by the Dubai Virtual Assets Regulatory Authority, a statement from the company has said. 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 Limited to Pre-Qualified Investors

The Asian cryptocurrency exchange platform, Huobi, has become the latest digital asset services company to receive provisional approval from the Dubai Virtual Assets Regulatory Authority (VARA). 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.”

Before giving Huobi its approval, VARA had granted another provisional license to Seychelles-based crypto trading platform OKX. Also, before this, the regulator had issued approvals or licenses to Binance, FTX, and Coinmena.

Meanwhile, in a statement, the crypto exchange said it will be targeting so-called professional investors. 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.”

Establishment of Regional Headquarters

Huobi also suggested that getting the provisional license paves the way for the establishment of the exchange’s regional headquarters in Dubai. In remarks following the granting of the provisional license, Huobi Group CFO Lily Zhang said:

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 added that her organization is looking to work to “foster growth of the virtual asset industry there.”

Besides the license from VARA, Huobi said in the statement that it has also obtained licenses in other regions such as South Korea, Japan, and Gibraltar.

What are your thoughts on this story? Let us know what you think in the comments section below.

Earning Passive Income With Crypto

Related Posts

20000% in One Minute on Play to Earn Game Tothesmart

PRESS RELEASE. The crypto enthusiast has got 10,032 BUSD into their wallet by buying virtual miners in the Play To Earn game Tothesmart for only 50 BUSD….

Ethereum’s Goerli Testnet Implements The Merge, ETH Price Jumps 74% Higher During the Past 30 Days

The Merge has successfully been implemented into Ethereum’s third and final testnet, Goerli, after previously adding Merge support to the testnets Sepolia and Ropsten. The Merge was…

Arsenal Loses Appeal Over Misleading Crypto Advertising

Premier League giants Arsenal F.C. have lost an appeal and been given a second warning by the U.K.’s Advertising Standards Authority (ASA) over the “misleading” marketing of…

Medieval Empires: Ertugrul To Ease Entry Into Web3 Gaming

In light of blockchain gaming’s advancement into the mainstream gaming industry, Medieval Empires: Ertugrul’s founding team attended the Blockchain Economy Istanbul Summit, the biggest blockchain event in…

Biggest Movers: ATOM Climbs to Highest Point Since May, While SOL Rises by Over 10%

Cosmos rose to its highest point since May earlier in today’s session, as crypto markets surged on Thursday. The global market cap is trading over 6.27% higher…

Task Force to Expedite Review of South Korean Virtual Asset Bills

South Korea’s top financial regulator has assigned a task force to “expedite the review process of bills on virtual assets,” said its chairman Kim Joo-hyun. The task…