The crypto giant will also apply for a Virtual Asset MVP License from the VARA to provide even more crypto exchange services and products.
On June 17, Huobi, a major Seychelles-based Bitcoin (BTC) and Ethereum (ETH) trading platform, announced that it successfully acquired the DIFC Innovation License in Dubai, which marked the organization’s first-ever license in the country.
With the DIFC license, the crypto exchange will pave the way for various fintech companies to set their feet in Dubai, granting them access to a growing tech ecosystem, and “preferential treatment for technology research and developments.” Likewise, other benefits include better treatment for taxes and capital repatriation.
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On top of that, Huobi also scored registration on New Zealand's Financial Services Provider Register (FSPR) to provide residents of the country access to the crypto trading platform. In fact, in order to offer any services to local residents, all trading entities, such as Huobi, must first register on FSPR.
Thus, with the new registration, Huobi is making a major step into the country as its local subsidiary is now authorized to provide regulated foreign currency exchange and money or value transfer services.
The CFO of Huobi Lily Zhang stated that the company prioritizes regulation and compliance globally. Both initiatives are not only a representation of Huobi’s desire for global expansion, but also demonstrate its “determination to provide safe, regulated and professional services to more users.”
Furthermore, Huobi will also be applying for a Virtual Asset MVP License from the Dubai Virtual Assets Regulatory Authority (VARA). According to Zhang, this way, the company will be able to introduce a significant amount of additional crypto exchange solutions. He added:
“We do not have other licenses in Dubai. We do have a small office there that caters to some key account and institutional customers in the Middle East region. We are, however, applying for provisional approval for a Virtual Asset MVP License from the Dubai VARA.”
Huobi Group, founded in 2013 in Beijing, was first established to offer a crypto trading platform for people living in mainland China. Throughout the years, the firm has additionally acquired various licenses in a number of countries, including South Korea, Japan, Gibraltar, and many others.
In other news, earlier in June, Huobi stated that it would fire up a new investment dubbed Ivy Blocks to explore various blockchain-oriented projects.