According to official data, the Huobi Global cryptocurrency exchange received preliminary approval for a license to operate from the Dubai Virtual Assets Regulatory Authority (VARA). According to the information, the products and services of the virtual asset exchange platform can be offered to pre-qualified investors and professional financial service providers.
It follows that the crypto exchange has become closer to entering the new market of the United Arab Emirates. This financial services regulator has previously provided similar opportunities for other primary virtual asset trading services, including Binance, FTX, and CoinMena.
Representatives of the cryptocurrency platform stated that the platform is intended for professional traders. Licensed investors and service providers can use the exchange’s spot and over-the-counter trading services. By obtaining a temporary license, Huobi Global has established a regional headquarters in Dubai.
Huobi Group CFO Lily Zhang assured that the Dubai government is committed to making the UAE a global hub for the future digital economy and being at the forefront of financial innovation.
Her company is optimistic about the region’s potential and opportunities in a future retrospective. In addition, the organization’s representative emphasized that the crypto exchange also received licenses to operate in South Korea, Japan, and Gibraltar.