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Chinese-based crypto exchange Huobi Group has secured a provisional licence in Dubai. The company plans to offer all virtual asset exchange products and services in the emirate.
Huobi received an MVP provisional approval from the Dubai Virtual Assets Regulatory Authority (VARA). Thus, it is now able to offer services within the parameters set by the regulatory authority's specialised “test-adapt-scale” model.
The company, which was set up in 2013, has obtained licences for various cryptocurrency-related services in different countries and regions, including South Korea, Japan and Gibraltar.
Now, Huobi plans to set up a regional headquarters in Dubai.
Huobi’s CFO Lily Zhang said:
Huobi is optimistic about the city’s potential and the future opportunities it offers. We look forward to working with [the Dubai Virtual Assets Regulatory Authority] and other local authorities to further invest in Dubai and foster growth of the virtual asset industry there.
For now, the company will focus on professional investors and offer spot and over-the-counter trading services to a limited subset of pre-qualified investors and professional financial service providers in Dubai. It plans to expand its reach to retail investors in the region in the coming months.
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