More interest in digital currencies by the Dubai populace and its government has spurred many crypto firms aiming for expansion into Dubai.
Huobi Global cryptocurrency exchange has become the latest crypto exchange to secure regulatory approval from Dubai’s regulatory authority.
The provisional license will allow Huobi to provide digital trading products and services to “pre-qualified investors and professional financial service providers.”
With respect to Huobi’s announcement, OTC and SPOT trading services are limited to pre-qualified investors.
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Establishment of Regional Headquarters
Huobi also suggested that obtaining the provisional license paves the way for the establishment of the exchange’s regional headquarters in Dubai. In comments after the provisional license was granted, Huobi Group CFO Lily Zhang said:
The Government Of Dubai Is Committed To Making “The Emirate A Global Hub For The Future Digital Economy And To Be At The Forefront Of Financial Innovation. Huobi Is Optimistic About The Potential Of The City And The Future Opportunities It Offers.”
Zhang added that his organization seeks to work to “foster the growth of the virtual asset industry there.”
In addition to the Dubai Virtual Assets Regulatory Authority license, Huobi said in the statement that it has also obtained licenses in other regions such as South Korea, Japan, and Gibraltar.
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