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By CoinEdition, Crypto Firm Q9 Receives Provisional Authorization to Operate In Dubai

Crypto Firm Q9 Receives Provisional Authorization to Operate in Dubai
  • VARA gave Q9 Capital interim approval for a virtual asset.
  • The firm can now offer investors and institutions digital asset trading services.
  • Services in Dubai are now available to, OKX and FTX subsidiaries.

Dubai Virtual Asset Regulatory Authority granted temporary virtual asset approval (VARA), to Q9 Capital, a cryptocurrency investment platform based in Hong Kong.

The company has applied for a full operating licence in order to expand into the United Arab Emirates. According to a Q9 press release dated October 27, the company plans to build a regional hub for Dubai and start offering services to eligible investors after it has received a full operating licence.

Q9 Capital is a company that has been active in the cryptocurrency market since September 2017. They offer a range of products and services, including investment advisory, trading and custody, settlement and settlement.

Dubai Virtual Asset Regulatory Authority (Dubai Virtual Asset Regulatory Authority) was established in June 2018 in order to regulate the virtual asset market in Dubai. The authority has been working together with different stakeholders to develop a regulatory framework. It is currently consulting financial institutions about how to best integrate virtual assets into their business.

VARA temporarily cleared the crypto platform’s ability to open offices in order to offer digital asset trading services to qualified investors and financial institutions. Q9 also maintains offices in Limassol (London), and Hong Kong.

James Quinn, Q9’s managing partner, stated that his company is ready to comply with all legal requirements.

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

The Prime Minister and Ruler in UAE, Sheikh Mohammed bin Rashid Al Maktoum has announced the creation a cryptocurrency regulator and the accompanying law in March. VARA has given the go-ahead for the subsidiaries of, OKX, and FTX to provide cryptocurrency-related services in Dubai.

Al Maktoum also presented a metaverse strategy to create more that 40,000 virtual jobs in Dubai in 2030 in July.

Coin Edition: Crypto Firm Q9 Gets Provisional Authorization to Operate In Dubai

See original on CoinEdition

News Source and Credit

Stocksak Editorial

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