Huobi Group has just received a temporary operating permit from the Dubai Virtual Assets Regulatory Authority (VARA) and has initiated the process to apply for a license.
The company will reportedly initially offer spot and OTC services through UAE-registered Huobi Investment FZE to a limited number of institutional investors.
In the future, the exchange plans to offer its services to retail investors.
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Upon receiving approval to operate in the country, Huobi is committed to opening a regional headquarters and expanding its staff in the region.
Lily Zhang, chief financial officer of Huobi Group, has 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."