June 25, 2022

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Huobi has won licenses in Dubai and New Zealand, but is closing its parent subsidiary

Huobi has won licenses in Dubai and New Zealand, but is closing its parent subsidiary

Huobi, a leading cryptocurrency trading platform, continues to expand its global presence by acquiring new licenses in New Zealand and the United Arab Emirates.

On Friday, the Huobi Group received its innovation license at the Dubai International Financial Center (DIFC), where it received its first license.

The DIFC license is not a business license, on the contrary Recognizes Lily Zhang, CFO of the Huobi Group, told Cointelegraph on Monday that Huobi is encouraging technology companies to set up operations in Dubai. The license allows access to the local technological ecosystem and continuous benefits such as priority treatment, capital flows and taxes for research and technological development.

Huobi also plans to obtain a virtual asset MVP license from the Virtual Property Regulatory Authority (VARA) of Dubai, which will allow the company to offer a full range of products and services as a regulated cryptocurrency exchange, Zhang noted:

“We have no other licenses in Dubai. We have a small office in the Middle East serving a number of key and corporate account clients. However, we are applying for interim approval for the VARA Virtual Property MVP License in Dubai.”

Huobi is registered with the New Zealand Financial Services Provider (FSPR) to increase its presence in the United Arab Emirates and to provide its cryptocurrency trading services in the country.

The first step for the Huobi Group to expand its cryptocurrency trading business in New Zealand is to register with the FSPR, as all transactions must be registered with the Site to provide trading services to local users.

HBGL New Zealand Limited, Hobby’s local company, allows registration to operate a regulated transaction and to provide money or value transfer services in New Zealand. The registry also assists Huobi in providing OTC business and property management services.

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“In New Zealand, cryptocurrencies are not considered legal, but regulators consider cryptocurrencies, brokers and other companies that offer investment opportunities just like any other financial service provider.” Zhang told the Cointelegraph in a statement.

Huobi’s latest regulatory milestones come shortly after it was announced by its parent subsidiary Huobi Thailand. Final closure in mid-June, After the Thai Securities and Exchange Commission revoked the company’s operating license. The local company plans to close its operations on July 1.

“We would like to reiterate that Hobby Thailand is not part of Hobby Global, but rather a separate entity created in 2019 with a local partner as part of our Hobby Cloud division,” Hobby’s spokeswoman Cointelegraph told PTI. The representative declined to give exact figures for Huobi’s business volumes, saying only that it was “a relatively small and insignificant part” of Huobi’s overall business.

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