Huobi Group has received a temporary operating permit from the Dubai Virtual Assets Regulatory Authority (VARA) and has begun the license application process.
Initially, the company will offer spot and OTC services through the UAE-registered Huobi Investment FZE to a limited number of institutional investors. In the future, the exchange plans to expand its reach to retail investors.
With the approval, Huobi committed to opening a regional headquarters and expanding staff in the region.
In March, Dubai authorities passed a law on virtual assets and established VARA. In the same month, FTX and Binance exchanges received regulator licenses, and OKX became its owner in July.
As a reminder, Huobi has work permits in a number of jurisdictions, including Gibraltar, the United States and New Zealand. However, in June the company closed its representative office in Thailand after the license was revoked by the authorities.