Cryptocurrency-based Q9 receives provisional approval to function in Dubai

Hong Kong-based cryptocurrency investment platform Q9 capital got provisional virtual asset approval from Dubai’s Virtual Asset Regulatory Authority (VARA). The company made the announcement of expansion to United Arab Emirates (UAE) and applied for a full operating license as well, as reported by Cointelegraph.

According to Cointelegraph, Q9 is expected to create a regional hub in Dubai and start providing services to qualified investors and financial services providers post receival of full operating license. 

On the basis of information by Cointelegraph, the provisional approval from VARA is expected to give the cryptocurrency platform the legal possibility to develop offices and provide digital asset exchange services to pre-qualified investors and financial institutions. Currently, Q9 has offices in locations such as Hong Kong, London, Limassol, among others. 

“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,” James Quinn, managing partner, Q9, highlighted. 

Moreover, Cointelegraph noted that since prime minister and ruler of UAE Sheikh Mohammed Bin Rashid Al Maktoum made the announcement of the establishment of the cryptocurrency regulator and an accompanying law in March, 2022, VARA has granted approval to, OKX, and FTX subsidiaries which provide cryptocurrency-oriented services in Dubai. In July, 2022, Al Maktoum also unveiled a metaverse strategy with the aim of bringing over 40,000 virtual jobs to Dubai by 2030. In September, 2022, Binance went for the next step and got itself a Minimal Viable Product licence, which reportedly took six months since the company received its provisional approval from VARA in March, 2022.

Going by Cointelegraph’s official website, founded in 2013, it is a digital media resource covering news on blockchain technology, crypto assets, and emerging fintech trends. Their team aims to deliver news from both the decentralised and centralised worlds.

(With insights from Cointelegraph)

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