Huobi secures licenses in the United Arab Emirates and New Zealand, continuing its expansion of its global presence.
A major cryptocurrency trading platform, Huobi received the Innovation License under the Dubai International Financial Centre (DIFC) on Friday. It’s the first-ever license that the company secured there.
It is important to note that the DIFC license is not a trading license. Instead, it provides authority to technology startups to run operations in Dubai, explained chief financial officer Lily Zhang in an interview.
The license also provides access to the local tech ecosystem and preferential treatment for capital flows, taxes, and technology research and developments.
Moreover, Huobi intends to receive a Virtual Asset MVP License from Virtual Assets Regulatory Authority (VARA) of Dubai. This would enable the company to have a full range of cryptocurrency exchange products and services, revealed Zhang.
Zhang said that they do not have other licenses in Dubai. They however, own a small office that provides services to some key account and institutional customers in the Middle East regions.
The officer further disclosed that they are applying for provisional approval for a Virtual Asset MVP License from the Dubai VARA.
Besides making efforts in the UAE, Huobi also registered on the Financial Services Provider Register (FSPR) of New Zealand to provide its crypto trading services in the country.
With the FSPR registration, Huobi Group takes its first step towards growing its business in New Zealand, as it is mandatory for all exchanges to register on the platform to offer their trading services to local users.
Having received the approval of registration, HBGL New Zealand Limited is set to run a regulated foreign currency exchange and value or money transfer services in New Zealand. The registration also enables the crypto trading platform to offer over-the-counter trading and asset management services.
This regulatory achievement for Huobi was followed by the announcement from Huobi Thailand, the platform’s Thailand-based affiliated firm, regarding its permanent closure in Mid-June after the Thai SEC revoked the firm’s operating license. The local firm is most likely to halt its operations by July 1.
Source: https://www.thecoinrepublic.com/2022/06/22/huobi-crypto-exchange-achieves-regulatory-milestone-receives-license-in-new-zealand-and-dubai/