Home » Hong Kong-based Q9 Wins Approval To Run Crypto Services In Dubai

Hong Kong-based Q9 Wins Approval To Run Crypto Services In Dubai

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Hong Kong based crypto investment firm Q9 Capital obtains provisional license From VARA regulations to operations in the UAE. The platform joins a list of other big names such as Binance, Crypto.com, OKX, FTX, etc. and is now approved and operating. This comes as part of the company’s move to expand its reach in the UAE, the Gulf financial hub.

Dubai has shown strong interest in the Metaverse and Web 3 technologies. And the emirate is already trying to make the UAE one of the world’s most prominent players technically. To this end, the government previously introduced the first type of regulatory framework, the Virtual Assets Regulatory Authority (VARA). Its dependent workforce specifically covers legislation for global crypto companies setting foot in the UAE.

The interim license provided by VARA gives the company legal authority to set up an office in the Emirates to provide crypto-related services. Only support the company. The crypto firm also plans to set up a regional hub in Dubai and has already applied for a full license. At the same time, Q9 operates offices in several other countries, including London, Limassol and Hong Kong.

Bitcoin price is currently trading above $20,000. | | Source: BTCUSD price chart TradingView.com

Q9 Capital charges for operating in accordance with regulations

Regarding the license approval, Q9 Managing Partner James Quinn expressed the company’s vision of maximizing compliance with VARA regulations. he added;

We look forward to joining the authorities’ robust compliance framework and will continue to build partnerships as we expand our presence in Dubai to roll out additional services and enhanced offerings for the region.

Q9 Capital is a crypto investment service provider for individuals and businesses founded in 2020. The platform offers embedded solutions that enable investors to “expand their offerings, distribute innovative products, simplify operations and enhance innovation.”

Similarly, VARA approval will enable registered traders to create and execute white label offerings and structured investment portfolios using a single interface through Q9. Investors can develop strategies and build products on the platform within the bounds of unspoken rules. While expressing plans for the global distribution of these portfolios, the investment firm said the process would be conducted in a “transparent, regulated and compliant manner.”

Dubai Becomes Metaverse Hub

UAE ruler Sheikh Mohammed bin Rashid Al Maktoum established Dubai’s regulator VARA in March. Since then, it has recorded tremendous growth with global crypto companies taking root to make the country a hub of innovative development. In May, Al-Maktoum, Crown Prince of Dubai, unveiled a highly anticipated Metaverse strategy. Created over 40,000 virtual jobs Increase national revenues by $4 billion by 2030.

According to findings from blockchain research firm Chainalysis, Dubai Recorded Crypto-related activity reached a whopping $38 billion by June, up from about $28 billion a year earlier during the same period.

Featured image from Pixabay and chart from TradingView.com

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