Huobi obtains provisional license to operate in Dubai

Huobi Group has obtained a provisional license from the Dubai Virtual Assets Regulatory Authority (VARA) and is in the process of obtaining a permanent one as well. 

Huobi and the provisional license from VARA in Dubai

Crypto-exchange Huobi announced that it has obtained a provisional MVP license directly from the Dubai Virtual Assets Regulatory Authority (VARA) to operate in the United Arab Emirates (UAE). 

??We’ve just been granted provisional approval to operate in #Dubai!

We look forward to setting up a regional HQ and offering our services there. To find out more, check out the full announcement here:https://t.co/MICXarzadU pic.twitter.com/LGPjs97KRK

— Huobi (@HuobiGlobal) July 22, 2022

“We’ve just been granted provisional approval to operate in Dubai! We look forward to setting up a regional HQ and offering our services there”.

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.

Not only that, by obtaining this provisional approval, Huobi is committed to establishing a regional office in Dubai and expanding its workforce.

Huobi and the evolution of Dubai into a global hub for the crypto industry

The crypto-exchange also said it is in the process of obtaining a permanent license, also in compliance with VARA requirements. 

In this regard, Lily Zhang, CFO of Huobi Group, 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”.

Essentially, Huobi sees Dubai as a future global hub for the crypto industry, particularly for professional investors. 

The company will offer spot and Over-The-Counter (OTC) trading services, and then expand its reach to include retail investors in the region. 

Currently, Huobi Group has several licenses for various cryptocurrency-related services in countries and regions such as South Korea, Japan, Gibraltar, and others.

The $4 billion metaverse project

Recently, the Dubai government released its new strategy for the development of the metaverse in its country, involving 40,000 new jobs and $4 billion in investment over the next five years. 

And so, the “Dubai Metaverse Strategy” was unveiled by Sheikh Hamdan bin Mohammed through a tweet, aiming to place the city of Dubai among the top 10 that will shape the future of emerging technologies.

Thus, not only crypto! Dubai is already home to 1,000 metaverse and blockchain companies, contributing more than $500 million to the national economy.