Crypto platform gets approval to work in an Arab city..not the first!
Hong Kong-based crypto investment platform Q9 Capital has received provisional approval for virtual assets from the Virtual Asset Regulatory Authority (VARA) in Dubai. The company announced its expansion in the UAE and applied for a full operating license as well.
According to its October 27 press release, Q9 will establish a regional center in Dubai and begin providing services to qualified investors and financial service providers once it obtains a full operating license.
The provisional approval of VARA gives the crypto platform the legal ability to set up offices and provide digital asset trading services to pre-qualified investors and financial firms. Currently, Q9 also has offices in Hong Kong, London and Limassol.
Full Compliance James Quinn, Managing Partner of Q9, expressed his company’s readiness to comply with all regulatory requirements: “We look forward to participating in the strong compliance framework of the Authority and continuing to build partnerships as we expand our presence in Dubai to offer additional services and enhanced products to the region.”
Since the Prime Minister and Ruler of the United Arab Emirates, Sheikh Mohammed bin Rashid Al Maktoum, announced the creation of the crypto regulator and accompanying law in March, VARA has given approval to Crypto.com, OKX and FTX subsidiary to provide crypto related services in Dubai. In July, Al Maktoum also launched the metaverse strategy, which aims to create more than 40,000 virtual jobs in Dubai by 2030.
In September, Binance took the next step and obtained a viable product license. It took nearly six months for the world’s largest cryptocurrency exchange to obtain the license, since the company obtained its provisional approval from VARA in March.