As the United Arab Emirates plays host to crypto enterprises, Three Arrows Capital, a crypto hedge fund, is relocating its headquarters from Singapore to Dubai.
Su Zhu, the co-founder of Three Arrows, confirms the company’s move to the new crypto center as the UAE continues to portray itself as a crypto-friendly location thanks to a flurry of recent crypto licenses. “Right now, the energy in Dubai’s digital asset industry is electrifying,” Zhu remarked. “I’m excited to meet more technological startups,” she says.
With the majority of the 170 crypto businesses that applied for a license to operate in Singapore being denied, Dubai is now in a position to break into business areas that were previously drawn to Far Eastern financial centers.
Singapore first opened its doors to cryptocurrency companies in January 2022, but currently prohibits them from promoting to the general public. The Singapore Monetary Authority has added crypto businesses to its Investor Alert List, which includes “unregulated persons who, based on information received by MAS, may have been mistakenly interpreted as being licensed or regulated by the MAS.”
Binance was placed on the list in September of last year for allegedly breaking the Singaporean Payment Services Act by soliciting business from Singaporeans.
The Monetary Authority of Singapore wants to oversee a “responsible” crypto hub that delicately balances the need for regulation with support for innovation, a balancing act alluded to by MAS managing director Ravi Menon earlier this week, while Dubai recently ratified new laws aimed at positioning itself as a prominent jurisdiction when it comes to cryptocurrencies and related concepts like Web3 and the metaverse.
Kyle Samani, one of Three Arrows Capital’s founders, says,
I am quite impressed with the ambition of Dubai Virtual Assets Regulatory Authority.” He continued, “I expect many great enterprises to continue to migrate to Dubai and contribute to the burgeoning digital asset ecosystem.
Startups Recently Received Permission
Binance just acquired the license to operate in Dubai, Bahrain, and the United Arab Emirates, despite not being a startup. The Abu Dhabi Global Markets Registration Authority recently granted Kraken a license to operate as a virtual asset transaction platform. Bybit relocated its headquarters from Singapore to Dubai.
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