After receiving a complete operating license, the platform is anticipated to establish a regional center in Dubai and begin offering services to approved investors and financial service providers.
The Dubai Virtual Asset Regulatory Authority granted provisional clearance for virtual assets to the Hong Kong-based bitcoin investment platform Q9 Capital (VARA). According to Cointelegraph, the firm announced its expansion into the United Arab Emirates (UAE) and also sought a complete operating license.
After receiving a complete operating license, Q9 is anticipated to establish a regional center in Dubai and begin offering services to eligible investors and financial service providers.
Using information from Cointelegraph, it is anticipated that the temporary license from VARA would grant the cryptocurrency platform the legal ability to establish offices and offer services for the exchange of digital assets to pre-qualified investors and financial institutions. Right now, Q9 has offices in cities including Limassol, Hong Kong, and London, among others.
James Quinn, the managing partner of Q9, said, “We look forward to engaging in the authority’s rigorous compliance framework and continuing to create collaborations as we extend our footprint in Dubai to roll out new services and improved products for the area.
Additionally, Cointelegraph reported that since Sheikh Mohammed Bin Rashid Al Maktoum, the UAE’s prime minister, and ruler, announced the creation of the cryptocurrency regulator and a corresponding law in March 2022, VARA has approved the subsidiaries of Crypto.com, OKX, and FTX that offer cryptocurrency-related services in Dubai.
