By Du Jun, Co-Founder, Huobi Group
The success of Gulf Blockchain Week 2021 is a strong testament to the Dubai government’s vision to become a global leader in the smart economy using blockchain technology. Over the course of the week, we saw how the city aims to use its Dubai Blockchain Strategy to usher in economic opportunities for all sectors, and drive entrepreneurship and global competitiveness.
As one of the world’s leading digital asset exchanges, Huobi Global has a similar ambition to be at the forefront of the emerging global digital financial ecosystem. At Gulf Blockchain Week, we shared our insights on how crypto can help promote financial inclusion in under-banked societies, as well as give the masses a more accessible way to save, invest and transfer funds.
The promise of blockchain
Indeed, technology is taking the lead in reshaping our future, changing the way we live, work and play. We believe that blockchain technology has been globally recognized and is ushering in incredible new growth opportunities that will introduce fundamental changes to the digital economy, the business world, and even the development of human civilization and society.
The launch of the Dubai Blockchain Strategy therefore comes at a timely juncture when the advances in blockchain technology are showing significant promise. Success on this front will no doubt augment Dubai’s status as a global technology leader and meet its goal of improving the government’s efficiency, while spurring industry creation and drawing global talent.
How Huobi Global can support the Dubai Blockchain Strategy
As an exchange consistently ranked among the top three in the world by trading volume, Huobi Global is well-positioned to help Dubai achieve its ambitious vision. First, we offer a unique trading environment that is truly customer-first, safe and sustainable for all users from around the world. Our infrastructure, operations and offerings are all built on processes and standards that prioritize user safety and industry compliance, which form a critical foundation for our users’ long-term success and benefit.
In terms of user protection, Huobi Global has a team of developers dedicated to maintaining the network and ensuring users’ safety. This is in line with our development strategy, which has always placed security and risk control as the top priorities. Since Huobi Global’s establishment in 2013, we have never recorded a serious security breach. Our users even get additional safeguards from the Huobi User Protection Fund, which compensates them for potential losses incurred from security breaches.
In June 2021, we also launched “Z-Labs” – our research division that focuses on cybersecurity, on-chain intelligence analysis, and risk control. Composed of experts in security, risk control, and compliance, Z-Labs aims to better identify and prevent crypto-crimes such as money laundering and fraud within the blockchain space.
Progressive, open stance towards regulation and compliance
Today, it is not possible to talk about growth and development in the blockchain industry without factoring in regulation, as recent global developments have attested to. Regardless of the location, Huobi Global adopts a progressive and open stance towards regulation and compliance as part of our global expansion strategy.
We are keen to communicate and work closely with local governments to ensure that we are compliant with all applicable regulations and governmental requirements at all times. This is particularly for anti-money laundering and ‘Know Your Customer’ requirements, which help safeguard the interests of our customers and the security of their accounts.
On the next lap of Huobi Global’s growth journey, we will double down on our compliance efforts and continue to build compliant operations on a global scale. This includes developing diversified businesses through a combination of building out our own local teams and cooperating with local license partners. As of now, our business scope covers more than 140 countries across five continents, with offices in many countries and a global, professional team serving our international user base.
With Huobi Global’s proven capabilities and emphasis on compliance, user protection as well as security, we are confident that we can retain our lead in the global crypto industry for years to come. This will not just enable us to support the Dubai Blockchain Strategy, but also achieve our vision of empowering financial freedom and creating new global wealth for people everywhere.