Huobi Group, a leading financial services firm providing services in cryptocurrencies, has been granted MVP provisional approval by the Dubai Virtual Assets Regulatory Authority (Vara).
The company, which has millions of users across five continents and 160 different countries, will also set up regional headquarters in Dubai. It’s also undertaking the process to apply for a licence from Vara.
The licence will enable Huobi Investment, Huobi’s UAE-based entity, to offer a full suite of virtual asset exchange products and services.
In June, Hex Trust also obtained provisional approval from Vara to receive a Virtual Asset MVP License. Hex Trust is opening an office in Dubai which will also be used as its regional headquarters in the Middle East.
Huobi believes that Dubai is rapidly evolving into a global hub for the virtual asset industry, particularly for professional investors. Initially, the company will target professional investors, and offer spot and Over-the-Counter (OTC) 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.
“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 Lily Zhang, CFO of Huobi Group.
“We look forward to working with VARA and other local authorities to further invest in Dubai and foster the growth of the virtual asset industry there.”
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