Crypto exchange Huobi gets licenses in Dubai, New Zealand

Huobi, a Seychelles-based crypto exchange, has obtained licenses to expand its services into the United Arab Emirates and New Zealand, Cointelegraph reported.

In the UAE, the company received an Innovation License under the Dubai International Financial Centre. It is not a trading license but will allow Huobi to incentivize tech startups to set up operations there.

This gives the company access to the local tech ecosystem and preferential treatment for tech research and development, capital flows, and taxes, according to Huobi CFO Lily Zhang. Huobi also seeks a Virtual Asset MVP License from Dubai’s Virtual Assets Regulatory Authority, so the exchange can offer its full range of crypto services.

The license in New Zealand allows Huobi to offer its crypto trading services in the country as a regulated foreign currency exchange with money or value transfer services, asset management, and over-the-counter trading.

These licenses come after Huobi’s Thai joint venture lost its operating license, leading to a permanent closure of its Thailand office.

See also: Is Dubai stealing Singapore’s thunder in crypto?