By Shelly Melancon (Switzerland)
Despite the economic turmoil in the crypto industry, various crypto firms have not slowed down on their expansion plans. In the past months, several exchanges have obtained licenses in new regions.
According to the report, the Huobi exchange has added another provisional license to its vault. Dubai’s regulator, VARA (Virtual Assets Regulatory Authority), has given Huobi approval to operate in Dubai.
With the provisional license, Huobi can offer digital asset services and products. Meanwhile, Huobi noted that it would target professional and pre-qualified investors.
Huobi Limits OTC And Spot Services To Few Pre-Qualified Investors
The Asian-based crypto firm, Huobi, is the latest to obtain a provisional license from Dubai’s watchdog. According to the exchange’s report, this license is a major milestone for the company.
This is because it would allow the company’s UAE branch to offer various services and products to the people of Dubai. Meanwhile, Huobi is not the only crypto firm with a license to operate in Dubai.
Other firms that the VARA has given permission to operate in the region include Binance, Coinmena, and FTX. It recently gave a provisional license to the Seychelles-based cryptocurrency platform, OKX.
Furthermore, Huobi noted that retail investors are not its sole target in the region. The exchange platform plans to target professional investors.
Also, the statement mentioned spot and OTC (over-the-counter) trading services. Huobi will offer these services to a few professional monetary service providers and pre-qualified investors.
Huobi To Open A Regional Headquarter In Dubai
Furthermore, Huobi believes this provisional license would open more roads for the firm. The firm wants to establish a regional headquarter in Dubai.
Speaking on the latest license from VARA, Lily Zhang, CFO of Huobi Group, stated that:
“The state government wants to transform Dubai into a global digital hub for the next economy. Also, the state wants to lead the world of financial innovation. The Huobi company believes in Dubai’s potential as well as the numerous opportunities.”
Additionally, Zhang noted that the firm is working to enhance the growth of the crypto industry in Dubai. Meanwhile, the Dubai license is just a few of the licenses that Huobi has received.
The company has also received licenses in other areas such as Gibraltar, Japan, and South Korea. The crypto exchange firm is following in the footstep of other firms like Binance and FTX.
Most of these crypto firms are targeting countries in Europe and Latin America. This is because they believe the market and regulations will favor the crypto sector.
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