Huobi Group Given MVP Provisional Approval from Dubai Virtual Assets Regulatory Authority

Huobi Group, which claims to be one of the world’s leading financial services providers specializing in cryptocurrencies and related products, recently announced that it has been granted MVP provisional approval by the Dubai Virtual Assets Regulatory Authority (VARA) on July 15, 2022, while it “undertakes the process of applying for a license, in accordance with VARA requirements.”

The license will “enable Huobi Investment FZE, Huobi’s UAE-based entity, to offer a full suite of virtual asset exchange products and services, within the parameters set by VARA’s specialized ‘test-adapt-scale’ model.”

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.”

With the awarding of this provisional approval, Huobi is “committed to establishing a regional headquarters in Dubai and to expand its workforce there.”

Huobi Group CFO Lily Zhang said:

“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. 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.”

Huobi considers compliance with local regulations “to be one of the cornerstones of its global business.”

As one of the earliest cryptocurrency exchanges to offer cryptocurrency trading services worldwide, Huobi has been “working towards compliant growth since 2017.”

As of now, Huobi Group has “obtained licenses for various cryptocurrency-related services in a number of different countries and regions, including South Korea, Japan, Gibraltar, and others.”

Founded in 2013, Huobi Group is “one of the world’s leading financial services providers specializing in cryptocurrency and its related products, with tens of millions of users across five continents and 160 different countries and regions.”

They are “dedicated to empowering financial freedom and creating new global wealth, having led the cryptocurrency industry in spot, derivatives, and Bitcoin transactions for many years.”

Their infrastructure, operations and offerings “are built on processes and standards that prioritize user safety and industry compliance, backed by strong global customer support underpinned by local expertise.”

It offers “a unique trading environment that is truly customer-first, safe and sustainable for all users, enabling their long-term success.”

As noted in the update, Dubai Virtual Assets Regulatory Authority [VARA] claims to be “the world’s first specialized regulator for the Virtual Assets sector.”

Established in March 2022, following the effect of Law No.4 of 2022, VARA is “responsible by decree for licensing and regulating the Virtual Asset sector in the Emirate of Dubai and its free zone territories [excluding DIFC], and oversees all licensing requirements and applications for authorization of Virtual Asset activities under UAE law.”

VARA plays “a central role in creating Dubai’s advanced legal framework to protect investors and establish international standards for Virtual Asset industry governance, while supporting the vision for a borderless economy.”

Sponsored Links by DQ Promote



Send this to a friend