Q9 Capital gets crypto investment licence in Dubai

abdelaziz Fathi

Crypto investment platform Q9 Capital has secured a provisional virtual assets licence to operate in Dubai. The Hong Kong-headquartered firm has obtained the approval from Dubai’s Virtual Assets Regulatory Authority (Vara).

Founded in 2020, Q9 Capital offers an Auto-Invest package to deliver systematic investment strategies to the crypto market and address the growing demand for convenient portfolio management. The solution includes a savings plan that helps clients accumulate digital assets over the long term and put their crypto investing on autopilot.

Q9 made a splash in Hong Kong by supporting digital artists and collectors operating on blockchain-driven platforms in its home city, including the use of non-fungible tokens, or NFTs.

James Quinn, a managing partner at Q9, said the approval will allow the company to promote its investment engine and white-labeled solutions which enable asset managers to create, execute, manage, and report digital asset investment strategies through a single UI. But to access the retail market, Q9 will be progressively monitored in stages alongside all licensed VARA service providers.

“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,” he added.

The in-principal approval allows Q9 to conduct a spectrum of virtual assets business under the initial regulatory phase of VARA, which serves as the single custodial entity mandated to license and govern crypto activities in Dubai. This includes offering exchange products and services to pre-qualified investors and professional financial service providers under strict oversight and mandatory FATF compliance controls.

Q9’s regulatory foray into Dubai is not surprising. After all, the emirate has one of the most progressive climates for digital assets in the world. In fact, the move was the latest in a string of approvals secured by top crypto platforms as Dubai pushes to become the regional hub for the digital asset sector.

Notably, the UAE was the first global economy to have set up a specialised regulator for the virtual asset sector. Announced by the UAE’s Prime Minister and ruler of Dubai, Sheikh Mohammed Bin Rashid, the emirate has enacted its first law governing cryptocurrency activities, and it has also formed an independent regulator to supervise the sector.

Read this next

Institutional FX

Integral reports lowest FX volume in two years

Foreign exchange trading volumes dropped in November across Integral’s trading platforms as currency markets saw a relatively quiet period after consecutive months of strong trading activity.

Technology

CDEX: Avelacom announces connectivity to Cboe Europe Derivatives

“We anticipate that many of our customers from Asia will be particularly interested in getting exposure to pan-European products via just one venue, which CEDX offers.”

Retail FX

BUX acquires Spanish Ninety Nine’s retail brokerage unit

“Thanks to this acquisition, Ninety Nine users will have access to a wide range of services provided by BUX, such as investing in Spanish, European and US stocks, ETFs, cryptocurrencies, fractional investing and the BUX Savings Plan.”

Digital Assets

SEBA and HashKey partner to expand crypto in Hong Kong and Switzerland

SEBA Bank AG has announced a new strategic partnership with HashKey Digital Asset Group as part of both firm’s expansion efforts in Hong Kong SAR. 

Executive Moves

Broadridge appoints Martin Koopman as Chief Product Officer

“Martin has a proven record of driving product innovation both at Broadridge and at previous companies. His vision and proven ability to execute will be invaluable as we become the foremost SaaS provider to the financial services industry.”

Digital Assets

DAM rolls out Moonwalkers v1 testnet ahead of support for yield-generating collateral

“We want to champion innovation by making it easier to securely direct stablecoin liquidity away from Ethereum towards newer networks without the constant vulnerabilities posed by bridges. d20 will help accelerate the adoption flywheel of emerging networks, and this is our first step towards making our omnichain promise a reality.”

Institutional FX

FIA EXPO: ICE’s Brian Norris talks ESG investment, carbon credits and market data

The FIA Futures & Options Expo, now in its 38th year, convened the listed derivatives dealers, thought industry leaders and other stakeholders for two days of networking.

Retail FX

Malaysia regulator exposes OctaFX clone, shady FB profiles

Malaysia’s financial regulator today warned online investors about the risks of following investment tips made on social-media platforms.

Digital Assets

Crypto trading volume spikes at Swiss bourse amid FTX collapse

The shockwaves from the historic collapse of Sam Bankman-Fried’s crypto empire are still being felt across the industry, but some trading venues are actually doing better because of it.

<