The Hong Kong-based crypto investment platform Q9 Capital reportedly obtaied provisional virtual asset greenlight from Dubai’s Virtual Asset Regulatory Authority (VARA). 

Specifically, the firm reportedly issued an official announcement regarding its expansion to the UAE as well as submitting application for a full operating license as well. 

Per its press release from Oct. 27, Q9 looks to form a regional hub in Dubai and commence offering services to qualified investors and financial service providers as soon as it receives the official operating license.

The provisional greenlight freshly granted by VARA equips the crypto platform with the legal possibility to establish offices and offer digital asset exchange services to pre-qualified investors and financial firms. 

Currently, Q9 also set up shops in Hong Kong, London and Limassol.

James Quinn, a managing partner at Q9, reportedly shared his firm’s willingness to stay compliant with all the regulatory 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.” 

Since the Prime Minister and ruler of the United Arab Emirates, Sheikh Mohammed bin Rashid Al Maktoum, reportedly announced the formation of the crypto regulator and an accompanying law in March, VARA has offered the go-ahead to Crypto.com, OKX and FTX subsidiaries to provide crypto-associated services in Dubai. 

In July, Al Maktoum further released a metaverse strategy with a primary target of bringing over 40,000 virtual jobs to Dubai by 2030.

In September, Binance took the next step and received a Minimal Viable Product license. It took roughly six months for the world’s largest crypto exchange to get the license since the company has gotten its provisional approval from VARA in March.