Dubai: Huobi Group, a financial services provider specialising in cryptocurrencies and related products, has been granted provisional approval by the Dubai Virtual Assets Regulatory Authority on July 15, 2022, it said.
It’s now in the process of applying for a licence, following which Huobi Investment FZE, Huobi’s UAE-based entity, will be able to offer a full suite of virtual asset exchange products and services.
“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,” said Huobi Group CFO Lily Zhang. “We look forward to working with VARA and other local authorities to further invest in Dubai and foster growth of the virtual asset industry there.”
Initially, the company will target professional investors, and offer spot and over-the-counter trading services to a limited subset of pre-qualified investors and professional financial service providers. Over time, Huobi may expand its reach to retail investors in the region.
