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.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
