Hong Kong-based Q9 Wins Approval To Run Crypto Services In Dubai
The Hong Kong-based crypto investment firm Q9 Capital secures its provisional license from the VARA regulatory to operate in the UAE. The platform joins the list of other big names like Binance, Crypto.com, OKX, FTX and others, currently operating in the regime following the approval. It comes as part of the company’s move to expand its reach in the gulf countries’ financial hub, UAE.
Dubai has shown keen interest in metaverse and web 3 technology. And the Emirate is already on the way to making the UAE one of the world’s most prominent players from the technological aspect. For this purpose, the government previously introduced the first type of its regulatory framework, the Virtual Assets Regulatory Authority (VARA). Its dependent workforce specifically covers the legislation for global crypto companies stepping into UAE.
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The provisional licence provided by VARA gives the company legal authority to set up its offices in the Emirate to provide crypto-related services. Notably, the company will facilitate only pro-verified traders and financial companies per the regulatory requirements. The crypto firm as well as plans to establish a regional hub in Dubai and has already applied for a full licence. At the same time, Q9 runs its offices in several other countries, including London, Limassol and Hong Kong.
Q9 Capital Claims To Operate Per The Regulations
Speaking on the approval of the licence, the managing partner at Q9, James Quinn, expressed the company’s vision to comply with VARA’s regulations at its best. He added;
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.
Q9 Capital is a crypto investment service provider for individuals and business firms founded in 2020. The platform provides built-in solutions that let the investors “expand their offerings, distribute innovative products and simplify operations for enhanced innovation.”
Similarly, the VARA approval opens the door for registered traders to create and execute white-label offerings and systematic investment portfolios using a single interface through Q9. Investors could develop strategies and build products on the platform within the boundaries of implied rules. While expressing plans for the global distribution of these portfolios, the investment firm stated that the process would be conducted in a “transparent, regulated and compliant manner.”
Dubai To Become A Metaverse Hub
The ruler of the UAE, Sheikh Mohammed bin Rashid Al Maktoum, established Dubai regulatory authority VARA in March. Since then, it recorded immense growth for global crypto companies settling in to make the country a hub for innovative developments. In May, Dubai Crown Prince Al Maktoum unveiled its metaverse strategy that is expected to create more than 40,000 virtual jobs and increase the national revenue by $4 billion by 2030.
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As per the findings of a blockchain research firm, Chainalysis, Dubai has recorded a whopping $38 billion in crypto-related activity till June, up by the previous year’s figure of around $28 billion within the same time.