Crypto Firm Q9 Capital Wins Dubai's Regulatory Approval for Provisional Virtual Asset
Aaron Limbu Oct 27, 2022 08:45
Crypto investment platform Q9 Capital has received regulatory approval for a provisional virtual asset from Dubai's Virtual Asset Regulatory Authority, according to the company's announcement.
Crypto investment platform Q9 Capital has received regulatory approval for a provisional virtual asset (VA) from Dubai's Virtual Asset Regulatory Authority (VARA), the company announced.
The entry into the UAE is part of the company's expansion efforts and aims to acquire a full operating license in accordance with VARA requirements.
"Q9 aims to make a meaningful contribution to the VARA ecosystem as an engine for crypto product creation and execution in a regulated environment," the company said.
VARA is the world’s first independent regulator for virtual assets.
Following the approval, investors can create and execute products and strategies on Q9's platform. Furthermore, investors can build and access systematic investment portfolios and white-labelled offerings within VARA’s framework. The company said that the global distribution of these portfolios and offerings will be conducted in an "automated, transparent, regulated and compliant manner."
Q9 Capital is a crypto investment management platform which helps crypto and TradeFi firms to "expand their offerings, distribute innovative products and simplify operations for enhanced innovation."
The company's management system allows investors to build, customize and fully-automate systematic portfolios. They can do so by using a wide product range and simultaneously accessing the entire market.
In Dubai, after winning a full operating license, Q9 will gain access to run its key features to help crypto and TradeFi firms by extending products and services to qualified investors and financial service providers.
Furthermore, Q9 plans to set up a regional hub in Dubai to expand and develop its business in the region and globally.
Besides gaining provisional approval in Dubai, other registrations for Q9 include Hong Kong.
According to Blockchain.News, Dubai is one of the most active influencers among gulf nations.
While many state actors may see it as a threat, many others are embracing the opportunities it brings. Dubai comes off as one of the latter, with the slew of licenses being granted to cryptocurrency exchanges today.
Besides Q9, other companies, such as the crypto trading platform OKX have also been given the green light to operate in Dubai.
As announced by the crypto trading platform, the Dubai Virtual Assets Regulatory Authority (VARA) granted it a provisional virtual assets (VA) license in July, an allowance that will let it offer targeted crypto products to qualifying investors.
Besides OKX, the duo of Binance and Huobi have also tapped related licenses to operate in Dubai. The implication of this is not just for the benefit of the exchanges. The masses will also have a unique diversity in their payment options, while the government will be able to generate revenue in the form of taxes.
Besides its role as one of the world’s most visited tourist locations, Dubai aims to become the financial epicentre of the Middle East, then the world. While the growth of digital assets in the region can be attributed to the bullish nature of VARA, chances are that Dubai will eventually become the most sought-after rallying point for crypto exchanges in the near term.
Image source: Shutterstock