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

🇦🇪We have received provisional approval to operate at this time. #dubai!

We look forward to establishing a regional Headquarters and offering our services there. Check out the full announcement here to learn more: https://t.co/MICXarzadU pic.twitter.com/LGPjs97KRK

— Huobi (@HuobiGlobal) July 22, 2022

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

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

“The Dubai Government aims to make the Emirate the global hub of the future digital economy and be at the forefront of financial innovation. Huobi is optimistic about the city’s potential and future opportunities. “We look forward to working with VARA and other local authorities to further invest and promote the virtual asset industry,” said Lily Zhang, CFO of Huobi Group.

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

As a reminder, Huobi is licensed to operate in a number of jurisdictions, including Gibraltar, the United States, and New Zealand. However, in June, the company closed its representation in Thailand after the license was revoked by the authorities.

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