A Hong Kong-headquartered crypto investment platform, Q9 Capital, received provisional virtual asset approval from Dubai’s Virtual Asset Regulatory Authority (VARA). The company announced its expansion to the UAE and applied for a full operating license as well.
According to its press release from Oct. 27, Q9 will establish a regional hub in Dubai and start providing services to qualified investors and financial service providers once it receives a full operating license.
The provisional approval from VARA gives the crypto platform the legal possibility to set up offices and provide digital asset exchange services to pre-qualified investors and financial firms. At the moment, Q9 also holds offices in Hong Kong, London and Limassol.
James Quinn, a managing partner at Q9, expressed his company’s willingness to comply with all the regulatory 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 the prime minister and ruler of the United Arab Emirates, Sheikh Mohammed bin Rashid Al Maktoum, announced the establishment of the crypto regulator and an accompanying law in March, VARA has granted approval to Crypto.com, OKX and FTX subsidiaries to offer crypto-related services in Dubai. In July, Al Maktoum also launched a metaverse strategy that aimed to bring more than 40,000 virtual jobs to Dubai by 2030.
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In September, Binance took the next step and received a Minimal Viable Product license. It took roughly six months for the world’s largest crypto exchange to get the license since the company has gotten its provisional approval from VARA in March.