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Q9

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

Kent Tenix
by Kent Tenix
2 years ago
·
Posted in Gulf News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

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. 

Related Reading: Google Unveils New Blockchain Node Engine

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.

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

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.

Related Reading: By The Numbers: Comparing Bitcoin Volatility With Nasdaq And S&P500

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.

Featured image from Pixabay and chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Kent Tenix

Kent Tenix

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Kent is a talented freelance writer and journalist who creates insightful and thought-provoking content. With over 5 years of experience, she has honed her skills and established herself as an expert in her field. Kent is especially passionate about in-depth reporting and investigative journalism. She thoroughly researches every topic and story she covers to provide readers with comprehensive information and perceptive analysis. Whether she's reporting on politics, business, technology, or culture, Kent prioritizes accuracy, nuance, and integrity. Her goal with every piece is to inform readers and inspire meaningful conversations and positive change. Kent enjoys traveling, photography, and spending time with her family when she's not tirelessly conducting interviews or poring over data. She hopes to continue using her writing to enlighten and engage audiences on issues that matter.

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