The Middle East, especially Dubai’s, love affair with crypto is known across the globe. Many prominent crypto firms have moved their bases to Dubai, or have begun offering their services in the Emirates. Some of the industry giants that offer services in Dubai include Binance, Crypto.com, FTX, etc. The region has one of the most business-and-cryptocurrency-friendly laws at the moment. Hence it is of no surprise that firms, big or small, want to establish their footprint in that region.
Joining the growing list of web3 and cryptocurrency-related businesses in Dubai is Q9 Capital, a Hong Kong-based crypto investment firm. The firm has successfully obtained provisional approval from Dubai’s Virtual Asset Regulatory Authority (VARA). The interim certification will allow the firm to offer a range of cryptocurrency services and goods that have been approved.
These include opening offices and offering digital asset exchange services to pre-qualified investors and financial institutions. In the meantime, the Dubai cryptocurrency regulator will examine the full license application.
According to a press release from Q9, after receiving a full operating license, the company will build a regional hub in Dubai. The firm will also begin offering services to eligible investors and financial service providers. Q9 also has offices in Limassol, London, and Hong Kong.
James Quinn, a managing partner at Q9, stated,
“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.”
Dubai, the Mecca for crypto?
Dubai’s popularity as a global crypto hub has been growing fast. Since Sheikh Mohammed bin Rashid Al Maktoum, the UAE’s prime minister, and ruler, announced the creation of the crypto regulations and related laws in March, VARA has given its license to a number of companies. Al Maktoum also unveiled a metaverse strategy in July with the goal of creating more than 40,000 virtual jobs in Dubai by the year 2030.
Given the open-minded approach taken by the UAE, it is safe to say that the region is currently the Mecca for all things crypto. With the industry only starting to bloom, the future of the region seems to be heading in the direction of innovation.