Huobi Group has received a temporary work permit from the Dubai Virtual Assets Regulatory Authority (VARA) and has begun the license application process.
Initially, the company will offer UAE-registered Huobi Investment FZE spot and OTC trading services to a limited number of institutional investors. Going forward, the exchange plans to expand its reach to retail investors.
With the approval, Huobi has committed to opening a regional headquarters and expanding staff in the region.
< p>«The Government of Dubai aims to make the emirate the global hub of the future digital economy and be at the forefront of financial innovation. Huobi is optimistic about the potential of the city and the opportunities it offers in the future. We look forward to working with VARA and other local authorities to further invest and promote the virtual asset industry,” said Huobi Group CFO Lily Zhang.
In March, Dubai authorities passed a law on virtual assets. assets and established VARA. In the same month, FTX and Binance exchanges received regulatory licenses, and OKX became its owner in July.
Recall that Huobi has permissions to work in a number of jurisdictions, including Gibraltar, the United States and New Zealand. However, in June, the company closed its representative office in Thailand after the license was revoked by the authorities.
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