Crypto investment platform Q9 Capital has received regulatory approval for a provisional virtual asset (VA) from Dubai’s Virtual Assets Regulatory Authority (VARA), the company announced.

Entry into the United Arab Emirates is part of the company’s expansion efforts and is aimed at acquiring a full operating license in accordance with VARA requirements.

“Q9 aims to make a significant contribution to the VARA ecosystem as an engine for the creation and execution of crypto products in a regulated environment,” the company said.

VARA is the world’s first independent regulator of virtual assets.

Upon approval, investors can create and execute products and strategies on the Q9 platform. Additionally, investors can create and access systematic investment portfolios and white-label offerings within the framework of VARA. The company said that the global distribution of these portfolios and offerings will be done in an “automated, transparent, regulated and compliant” manner.

Q9 Capital is a cryptocurrency investment management platform that helps cryptocurrency and TradeFi companies “expand their offerings, distribute innovative products, and simplify operations to enhance innovation.”

The company’s management system allows investors to create, customize and fully automate systematic portfolios. They can do this by using a wide range of products and simultaneously accessing the entire market.

In Dubai, after obtaining a full operating license, Q9 will gain access to run its key functions to help Crypto and TradeFi businesses by extending products and services to qualified investors and financial service providers.

Additionally, Q9 plans to establish a regional hub in Dubai to expand and develop its business in the region and globally.

In addition to gaining provisional approval in Dubai, other registrations for Q9 include Hong Kong.

According to block chain.News, Dubai is one of the most active influencers among the Gulf nations.

While many state actors may see it as a threat, many others are taking advantage of the opportunities it provides. Dubai appears as one of the latter, with the large number of licenses granted to cryptocurrency exchanges today.

In addition to Q9, other companies, such as cryptocurrency 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, a concession that will allow it to offer specific crypto products to qualified investors.

In addition to OKX, the Binance and Huobi duo also took advantage of related licenses to operate in Dubai. The implication of this is not just for the benefit of the exchanges. The masses will also have unique diversity in their payment options, while the government will be able to generate revenue in the form of taxes.

In addition to its role as one of the most visited tourist places in the world, Dubai aspires to become the financial epicenter of the Middle East and then the world. While the growth of digital assets in the region can be attributed to the bullish nature of VARA, it is likely that Dubai will eventually become the most sought after hotspot for cryptocurrency exchanges anytime soon.

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