According to reports, major crypto trading platform, Huobi has secured more operating licenses. The crypto firm has now expanded to Dubai and New Zealand.
On June 17th, Huobi Group obtained an Innovation License to operate in Dubai. This was after registering with the Dubai International Financial Centre (DIFC).
Lily Zhang, the Chief Financial officer of the company, noted that:
“However, this DIFC license does not grant the firm the power to offer trading services. It only permits Huobi to provide interest for technology startups in Dubai.”
Also, the new license unlocks several opportunities for local tech startups in the country. It also provides preferential treatment for taxes, capital flows, and research.
Huobi Expands To New Zealand And Dubai
Meanwhile, Huobi wishes to get a Virtual Asset MVP license from Dubai’s regulator, Virtual Assets Regulatory Authority (VARA). By doing so, the firm can offer various crypto products and services. According to Zhang:
“Currently, we don’t have another license in Dubai. The firm is planning to apply for a Virtual Asset MVP License so we can offer more services there. Presently, we have an office that takes care of account creation in the Middle East.”
Besides pushing for regulation in Dubai, Huobi also obtained a license from Financial Services Provider Register (FSPR) in New Zealand. This would allow it to offer cryptocurrency trading services there.
Huobi’s registration with the FSPR is the company’s first step to operating in New Zealand. The regulator mandates all exchange firms to register before providing trading services.
Additionally, the registration would allow HBGL New Zealand Limited, the company’s subsidiary, to function. The subsidiary provides services such as exchanging foreign currency and money transfers.
Also, Huobi can now offer asset management services and over-the-counter trading. Zhang noted that:
“Although crypto is not a legal tender in New Zealand, regulators are fair enough. They repay brokers, crypto exchanges, and other investment businesses just like financial service providers.”
Huobi Thailand To Close Operation
The company’s latest achievement comes after Huobi Thailand lost its license. The Thailand Securities and Exchange Commission revised its license after compliance failure.
As a result, the Thailand company Huobi Thailand announced the shutdown of its platform in mid-June. According to the firm, it would close its operation by July 1st.
Furthermore, Zhang noted that Huobi Global does not own Huobi Thailand. Rather, it is a separate company formed in 2019 with a local-based partner.
Meanwhile, Zhang did not provide the trading volumes of Huobi Thailand. She only stated it was quite small and not significant compared to Huobi.
