- Q9 Capital received an interim virtual asset approval from VARA.
- The firm can now provide investors and institutions with digital asset exchange services.
- The subsidiaries of Crypto.com, OKX, and FTX are now authorized to offer services in Dubai.
The Dubai Virtual Asset Regulatory Authority (VARA) granted temporary virtual asset approval to Q9 Capital, a cryptocurrency investing platform headquartered in Hong Kong.
In addition to announcing its expansion into the United Arab Emirates (UAE), the company has sought a complete operating license. According to a press release from Q9 dated October 27, the company will build a regional hub in Dubai and begin offering services to eligible investors and financial service providers after receiving a full operating license.
Q9 Capital has been operating in the cryptocurrency market since September 2017 and offers a suite of products and services such as investment advisory, trading, custody, and settlement.
The Dubai Virtual Asset Regulatory Authority was established in June 2018 to regulate the virtual asset industry in Dubai. The authority has been working with various stakeholders to develop a regulatory framework for the sector. It is currently consulting financial institutions on how best to integrate virtual assets into their businesses.
The crypto platform now has the legal ability to open offices and offer digital asset exchange services to pre-qualified investors and financial institutions, thanks to the temporary clearance from VARA. Q9 also has offices in Limassol, London, and Hong Kong.
A managing partner at Q9, James Quinn, indicated the readiness of his organization to adhere to all legal requirements:
We look forward to participating in the authority’s robust compliance framework and continue building partnerships as we expand our presence in Dubai to roll out additional services and enhanced products for the region
Since Sheikh Mohammed bin Rashid Al Maktoum, the Prime Minister and Ruler of UAE, announced the creation of the cryptocurrency regulator and an accompanying law in March. VARA has given the go-ahead for the subsidiaries of Crypto.com, OKX, and FTX to provide cryptocurrency-related services in Dubai.
Al Maktoum also unveiled a metaverse strategy in July to create more than 40,000 virtual jobs in Dubai by 2030.
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