Huobi Group Granted MVP Provisional Approval from Dubai Virtual Assets Regulatory Authority

Commits to setting up regional headquarters in the Emirate

Huobi Group (“Huobi”), one of the world’s leading financial services providers specializing in cryptocurrencies and related products, announced that it has been granted MVP provisional approval by the Dubai Virtual Assets Regulatory Authority (VARA) on July 15, 2022, while it undertakes the process of applying for a license, in accordance with VARA requirements. 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.

AI ML in Marketing: AI and Big Data Analysis Used to Find Brands’ Emotional Connection

Huobi believes that Dubai is rapidly evolving into a global hub for the virtual asset industry, particularly for professional investors. Initially, the company will target professional investors, and offer spot and Over-the-Counter (OTC) trading services to a limited subset of pre-qualified investors and professional financial service providers. Over time, Huobi may expand its reach to retail investors in the region.

With the awarding of this provisional approval, Huobi is committed to establishing a regional headquarters in Dubai and to expand its workforce there.

Read More About ML News : How Machine Learning and First-party Data Work in Harmony for Performance Marketers

“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,” said Huobi Group CFO Lily Zhang. “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.”

Huobi considers compliance with local regulations to be one of the cornerstones of its global business. As one of the earliest cryptocurrency exchanges to offer cryptocurrency trading services worldwide, Huobi has been working towards compliant growth since 2017. As of today, Huobi Group has obtained licenses for various cryptocurrency-related services in a number of different countries and regions, including South Korea, Japan, Gibraltar, and others.

Top Artificial Intelligence Insights: Could Instances of NLP Bias Derail AI?

[To share your insights with us, please write to sghosh@martechseries.com]