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Translated by: Boston May Flower Farm – OuterRim

It was reported on June 25, a Chinese Communist Party (CCP) backed digital currency trading platform, Huobi, has obtained the innovation license from the Dubai International Financial Center which is a special economic zone in the United Arab Emirates. That means Huobi can now build, develop, and expand its innovative businesses and connect to a diverse community of banks and financial institutions in the Middle East and South Asia. However, the report also mentioned that the license is not a trading license. So, Huobi is still not allowed to engage in digital asset trading services.

It is understood that Huobi intends to apply for a virtual asset MVP license from the Virtual Assets Supervision Authority of Dubai, in order to seize the digital asset trading service market. In addition to Dubai, it is revealed that Huobi has registered with New Zealand’s Financial Services Providers Registry, which is considered as the first critical step in its expansion in the country.

Analysts pointed out that Miles Guo broke the news in early June that Binance which has been operating for five years without license applied for the temporary test license in Dubai. Binance is a tool for the CCP to launder money, commit crimes, and collect user’s information. Now, Huobi, which also has a CCP background, is also applying license in Dubai and trying to enter the Middle East market. It tells us that the CCP is still trying to gain the leading position in the digital currency market. However, the CCP’s consistent way of doing things is doomed to be failure.


Proofread/Edited by: Snorlax S.
Chief Editor: Xianna
Posted by: Zee Li

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