Huobi recently became the latest cryptocurrency exchange platform to be granted provisional approval by the Dubai Virtual Assets Regulatory Authority, a statement from the company has said. The provisional approval allows Huobi to offer virtual asset exchange products and services to “pre-qualified investors and professional financial service providers.”
Spot and OTC Services Are Limited to Pre-Qualified Investors
The Asian cryptocurrency exchange platform, Huobi, has become the latest digital asset services company to receive provisional approval from the Dubai Virtual Assets Regulatory Authority (VARA). According to a statement released by the exchange, this approval gives Huobi’s United Arab Emirates (UAE)-based entity the authority to offer “a full suite of virtual asset exchange products and services.”
Before giving Huobi its approval, VARA had granted another provisional license to Seychelles-based crypto trading platform OKX. Also, before this, the regulator had issued approvals or licenses to Binance, FTX, and Coinmena.
Meanwhile, in a statement, the crypto exchange said it will be targeting so-called professional investors. Concerning spot and over-the-counter (OTC) trading services, Huobi said these will be extended “to a limited subset of pre-qualified investors and professional financial service providers.”
Establishment of Regional Headquarters
Huobi also suggested that getting the provisional license paves the way for the establishment…
