Bitcoin Exchange Huobi Receives Dubai Regulatory Approval

Huobi Group has received a temporary work permit from the Dubai Virtual Asset Regulatory Authority(VARA) and started the license application process.

Initially, the company will offer throughUAE-registered Huobi Investment FZE spot and over-the-counter services to a limited number of institutional investors. In the future, the exchange plans to expand its reach to retail investors.

With the approval, Huobi committed to opening a regional headquarters and expanding staff in the region.

"The Dubai government aims to transform the emirate into a global hub for the future digital economy and be at the forefront of financial innovation.Huobi is optimistic about the city's potential and the opportunities it offersWe look forward to working with VARA and other local authorities to further invest and facilitate the virtual asset industry," the CFO saidHuobi Group Lily Zhang.

In March, Dubai authorities passed a law on virtual assets and established VARA. In the same month, FTX and Binance exchanges received regulator licenses, and OKX became its owner in July.

As a reminder, Huobi has work permits in a number of jurisdictions, including Gibraltar, the United States and New Zealand. However, in June the company closed its representative office in Thailand after the license was revoked by the authorities.

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