Huobi’s New Ventures
In a bold move that has the crypto world buzzing, Huobi Group is amplifying its global footprint by snagging new licenses in New Zealand and the UAE. On Friday, Huobi made headlines with its first license ever in the Dubai International Financial Centre (DIFC). Unlike the typical trading license, this one allows the company to support tech startups in Dubai, opening doors for innovative ventures.
Benefits Galore in Dubai
The DIFC license is more than just a piece of paper; it unleashes a treasure chest of benefits. According to Huobi Group’s chief financial officer, Lily Zhang, this license provides access to a vibrant tech ecosystem and boosts the company’s ability to engage in research, development, and capital flows—all fancy terms for making money while playing nice with the local tech scene.
What’s Next for Huobi in Dubai?
Beyond the DIFC, Huobi is eyeing the Virtual Asset MVP License from Dubai’s Virtual Assets Regulatory Authority (VARA). This would allow them to roll out an entire suite of cryptocurrency exchange services. “We’re in the process of securing the virtual license and expanding our office to cater to key accounts and institutional customers in the UAE,” Zhang revealed. This ambitious strategy indicates Huobi’s serious commitment to shaping its presence in the Middle East.
Taking the Leap in New Zealand
But wait, there’s more! Huobi has also set its sights on New Zealand, successfully registering with the Financial Services Provider Register (FSPR). This registration is pivotal for Huobi’s crypto trading services in the land of the kiwis. The new status allows Huobi’s local entity, HBGL New Zealand Limited, to engage in a range of financial operations—from currency exchange to asset management.
Regulatory Landscape
Interestingly, while cryptocurrencies aren’t considered legal tender in New Zealand, the local regulators have embraced exchanges much like traditional financial service providers. Zhang summed it up: “Regulators treat cryptocurrency businesses in New Zealand similarly to other financial services, which gives us a smoother path forward.”
Learning from Past Experiences
Despite these shiny new achievements, Huobi hasn’t forgotten its recent setbacks. Just last month, its Thailand-based affiliate, Huobi Thailand, announced its permanent closure after failing to meet local regulations. “Huobi Thailand was a separate entity with local partners and not a direct part of Huobi Global. It was a smaller part of our overall business, and its closure doesn’t reflect on Huobi’s global strategies,” a spokesperson reassured. Talk about a rollercoaster!
The Bigger Picture
With these new licenses, Huobi is clearly angling for a larger slice of the global crypto pie. The company is positioning itself as a key player in both Dubai’s tech ecosystem and New Zealand’s regulated market, ensuring that it rides the waves of innovation and regulation hand in hand. But as the landscape shifts, will Huobi maintain this momentum or face more hiccups? Only time will tell!
