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The “market neutral trading firm” named Dubai for its global headquarters as the region experiences an influx of crypto companies seeking new users. 
Nine Blocks Capital Management FZE bagged a crypto license from Dubai’s Virtual Assets Regulatory Authority (VARA), making Nine Blocks the first digital asset hedge fund to win VARA’s nod according to a Nov. 27 <a href="https://www.linkedin.com/company/nineblockscapital/posts/?feedView=all" target="_blank" rel="noopener">announcement</a>. 
The license will allow Nine Blocks to offer virtual asset services to crypto users in Dubai, including digital asset management and investment products. Additionally, the firm plans to open a global head office in what is largely regarded as the primary international hub for the United Arab Emirates.&nbsp; 
 You might also like: <a href="https://crypto.news/dubai-offering-90-license-fee-discount-to-web3-projects/"> Dubai offering 90% license fee discount to web3 projects </a> 
<blockquote class="wp-block-quote"> 
 This license is the culmination of a process that started with an MOU between Nine Blocks and VARA, allowing knowledge sharing and consultation. <cite>Nine Blocks press statement</cite>
</blockquote> 
Nine Blocks is a self-professed “neutral trading shop” established in 2021 with a profit generation model that relies on relative value, arbitrage and quantitative strategies applicable to crypto markets. 
The firm announced its foothold in Dubai during a time of regulatory unclarity in the U.S. and a shift in crypto’s focus to more friendly jurisdictions. Dubai declared its plans to become a global crypto hub in 2022 and followed up talks with VARA’s rulebook for digital asset operators. 
Several firms such as <a href="https://crypto.news/binance-secures-dubais-mvp-operational-license/">Binance</a>, crypto.com, Hex Trust and OKX have emerged as beneficiaries of Dubai’s crypto licensing regime, gaining approval to set up shop in the region and service customers. 
Amid a <a href="https://crypto.news/dubais-chief-crypto-regulator-exits-as-vara-prepares-to-fine-major-companies/">VARA leadership change</a> and strict enforcement of compliance, Dubai has also garnered tokenization interest with companies like Deutsche-backed <a href="https://crypto.news/deutsche-backed-taurus-targets-tokenized-real-estate-market-with-dubai-office/">Taurus</a> eying intersections between real estate markets and blockchain technology. 
 Read more: <a href="https://crypto.news/dubais-vara-sets-licensing-deadline-for-crypto-firms/"> Dubai’s VARA sets licensing deadline for crypto firms </a>

Nine Blocks becomes first crypto hedge fund approved by Dubai’s VARA

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