Hong Kong-based crypto investment firm Q9 Capital has received a provisional virtual asset approval from Dubai’s Virtual Asset Regulatory Authority (VARA), the company said on Wednesday in a statement shared with Forkast.
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Fast facts
- The provisional approval allows Q9 to offer an approved range of crypto services and products while the Dubai crypto regulator examines its full license application.
- With VARA’s full operating license, Q9 can extend products and services to qualified investors and financial service providers in the Emirati hub.
- Q9 intends to establish a regional hub in Dubai.
- Dubai is becoming a new crypto hub after successfully luring exchanges like Binance, Crypto.com, and FTX to operate legally.
- Meanwhile, Hong Kong has recently started to shift its stance on digital assets to make the city more attractive to crypto and blockchain firms, after losing businesses to finance hub rival Singapore.
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