Exchanges including as Binance, Crypto.com, and FTX are relocating to Dubai in order to take advantage of the city's emergence as a center for cryptocurrency trading. The cryptocurrency company Q9 is the most recent company to be added to this list of legitimate crypto businesses.
In the interim, Dubai's financial authority has the ability to assess their license application and give them complete approval if it meets all of the requirements. At this time, the laws of the Emirates are among the most crypto-friendly in the world.
Therefore, it should come as no surprise that businesses of all sizes are expanding their operations in Dubai. Users in that region are now able to take advantage of Q9's bitcoin services and products thanks to the interim certification that the company was able to obtain.
However, in order for Q9 to be able to provide its services to a greater number of customers, the company must first obtain a full operating license. The new Q9 office in Dubai will be the company's fourth location, joining its existing outposts in Limassol, Hong Kong, and London.
James Quinn, a managing partner at Q9, issued a statement in which he expressed his company's commitment to complying with the requirements of UAE crypto legislation. As a result, it is able to expand its services throughout the region.
Competitors like the crypto trading site OKX also have an operating license from Dubai's VARA, in addition to Q9. In July of this year, VARA handed OKX the license that they required.
The Growth of Cryptocurrency in Dubai
Because there are so many crypto services available, people living in Dubai have multiple choices available to them when it comes to conducting transactions for settling debts. In addition, the government will gain benefits from the tax payments that are remitted through these cryptocurrency services.
It's interesting to note that Dubai is one of the most popular tourist destinations in the globe. Now, the goal of the emirate is to establish itself as the preeminent cryptocurrency hub in the United Arab Emirates region, and ultimately, the entire world.
The rapidly expanding economy and crypto-friendly policies in Dubai are the primary draws for an increasing number of cryptocurrency businesses. In July, the Prime Minister of the United Arab Emirates, Arab Sheikh Mohammed bin Rashid Al Maktoum, declared that the country's crypto laws would be revised in order to promote the establishment and expansion of metaverse projects and other cutting-edge technologies in that region.
Because of this development, the United Arab Emirates has become one of the most important hubs for the cryptocurrency industry. Investors in cryptocurrencies have benefited tremendously from this brilliant move.