Q9, the crypto investment company from Hong Kong, has joined Dubai’s exclusive list of Web3 and cryptocurrency-related businesses. The firm has successfully obtained a temporary operating license from Dubai.
Dubai is becoming a new crypto hub, luring exchanges like Binance, Crypto.com, and FTX to get legal approval licenses. Q9 is the latest crypto firm to join this list of approved crypto businesses.
In the meantime, Dubai’s financial regulator can evaluate their license application to grant them full approval. At the moment, the Emirates has one of the most-friendly crypto laws.
Then, it’s no surprise that corporations, regardless of size, are establishing their footprint in Dubai. The interim certification received by Q9 enables the firm to spread its cryptocurrency services and products to users in that region.
However, Q9 can only extend its services to more clients once it receives a full operational license. Q9’s Dubai office will be the latest addition to its other offices in Limassol, Hong Kong, and London.
In a release, James Quinn, a managing partner at Q9, expressed his company’s commitment to comply with UAE crypto regulations needs. Thus, it can extend its services to the region.
Also read:Besides Q9, competitors such as crypto trading platform OKX also have an operating license from Dubai’s VARA. VARA granted this license to OKX in July of this year.
Dubai’s Crypto Expansion
The abundance of these crypto services means Dubai residents have several options to use to perform settlement transactions. Also, the government will benefit from tax remittances through these crypto services.
Interestingly, Dubai is amongst the world’s most visited holiday locations. Now, the emirate aims to become the leading crypto hub in the UAE region and, ultimately, across the globe.
Crypto firms are flocking to Dubai primarily because of its fast-growing economy and crypto-friendly policies. In July, UAE’s prime minister Arab Sheikh Mohammed bin Rashid Al Maktoum announced a revision of crypto laws to encourage the launch and growth of metaverse projects and other innovative technologies in that region.
This move has attracted several crypto investors and firms, making the UAE a leading crypto hub. This has been an excellent move for cryptocurrency investors.
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