Gabriel Budi Sutrisno · · 2 min readHong Kong crypto firm gets Dubai provisional approval
Q9 Capital, a Hong Kong-based crypto investment platform, has received provisional approval from Dubai’s Virtual Assets Regulatory Authority (VARA) as the company expands to the United Arab Emirates.
The company also announced plans to establish a regional hub in Dubai to help develop its virtual asset ecosystem.
Photo credit: Johannes Martin / Flickr
Q9 said the provisional approval was “a major milestone” as it followed a number of registrations for the company’s local entities in both Hong Kong and Dubai.
Dubai’s VARA is “a testament to the country’s forward-looking stance on digital assets and its willingness to support the industry through collaboration,” said Q9 managing partner James Quinn.
The company also plans to offer its product creation and execution services to asset and wealth managers globally.
Founded in 2020, Q9’s investment engine and white-labeled solutions enable asset and wealth managers to create, execute, manage, and report digital asset investment strategies through a single UI.
The Middle East and North Africa region is the fastest-growing cryptocurrency market in the world, with the UAE having “clear ambitions” of positioning itself as a global crypto hub, according to blockchain data platform Chainalysis.
The UAE recorded US$38 billion in cryptocurrency activity from July 2021 to June 2022, up from US$28 billion in the same period a year ago, according to Chainalysis data.
See also: Hodlnaut accuses EY staff of dishonesty; EY fires back
Editing by Miguel Cordon and Lorenzo Kyle Subido
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