Q9 Capital Granted Virtual Asset License by Dubai’s Regulator

• The firm has filed for a complete operating license and has made public its plans.
• There are now Q9 branches in Hong Kong, London, and Limassol.

Q9 Capital, a cryptocurrency investment platform based in Hong Kong, has been granted temporary virtual asset permission by the Virtual Asset Regulatory Authority of Dubai (VARA). The firm has filed for a complete operating license and has made public its plans to expand into the UAE.

In a press statement dated October 27th, Q9 said that once it has a complete operating license, it would build a regional center in Dubai and begin delivering services to eligible investors and financial service providers.

Expanding Presence in Dubai

The crypto platform may legally open offices and provide digital asset exchange services to vetted investors and financial institutions according to the temporary clearance from VARA. There are now Q9 branches in Hong Kong, London, and Limassol.

James Quinn, a managing partner at Q9, stated:

“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.” 

Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister and Ruler of the United Arab Emirates, announced the formation of the crypto regulator and associated legislation in March. Since then, VARA has given clearance to Crypto.com, OKX, and FTX companies to provide crypto-related services in Dubai. Al Maktoum also unveiled a metaverse plan in July with the goal of bringing more than 40,000 virtual employees to Dubai by 2030.

Binance progressed in September when it was granted a license for its Minimum Viable Product. Since the business received preliminary clearance from VARA in March, it has taken around six months for the world’s biggest crypto exchange to get the license.

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