Cryptocurrency exchange Huobi Group announced that it has been granted a MVP provisional approval by the Dubai Virtual Assets Regulatory Authority (VARA).

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 specialised “test-adapt-scale” model.

Initially, the company said that itwill 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 will be establishing a regional headquarters in Dubai and to expand its workforce there.

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

“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.”

said Lily Zhang, CFO of Huobi Group.

Featured image credit: Edited from Unsplash