MacRumors published a story that developer Alexander Graf has successfully virtualized the Arm version of Windows on an M1 Mac.

Developer Successfully Virtualizes Windows for Arm on M1 Mac

Developer Alexander Graf has successfully virtualized the Arm version of Windows on an M1 Mac, proving that the M1 chip is capable of running Microsoft's operating system (via The 8-Bit). Currently, Macs with the M1 chip do not support Windows and there is no Boot Camp feature as there is on Intel Macs, but support for Windows is a feature that many users would like to see. Using the open-source QEMU virtualizer, Graf was able to virtualize the Arm version of Windows on Apple's M1 chip, with no emulation. Since the M1 chip is a custom Arm SoC, it is no longer possible to install the x86 version of Windows or x86 Windows apps using Boot Camp, as was the case with previous Intel-based Macs. However, he said in a Tweet that when virtualized on an M1 Mac, "Windows ARM64 can run x86 applications really well. It's not as fast as Rosetta 2, but close." 

Developer Successfully Virtualizes Windows for Arm on M1 Mac