Another crypto company receives the green light from Dubai's Virtual Asset Regulatory Authority.
Q9 Capital, a Hong Kong-based crypto investment firm, has scored provisional virtual asset (VA) approval from Dubai’s Virtual Asset Regulatory Authority (VARA).
According to the press release shared on October 27th, with the provisional approval, Q9 can start setting up their offices and provide digital asset services to financial institutions and pre-qualified investors.
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Once Q9 Capital receives a full operational license, the company is set to open its Dubai regional hub and provide crypto services to qualified investors and financial service providers.
It is worth mentioning that Q9 has offices in Hong Kong, London, and Limassol.
Q9 Managing Partner James Quinn highlighted that Dubai’s Virtual Assets Regulatory Authority is a sign of the country’s “forward-looking stance on digital assets” and its willingness to employ new technologies. Moreover, Quinn 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.
Moreover, in its press release, Q9 noted that it wants to make valuable contributions to the VARA ecosystem.
Dubai has been increasingly expanding its crypto industry, with companies like Komainu, Binance, Crypto.com, and FTX receiving regulatory licenses from the city’s regulators.
In other news, Q9 Capital's headquarter city, Hong Kong, is reportedly planning to launch its crypto bill, breaking away from China’s crypto regulations.
