It seems as though many crypto-driven companies started turning to Dubai to expand their operations.
Fintonia Group, a Singapore-based crypto fund manager founded in 2014, has recently revealed that it scored a provisional virtual asset license from the Dubai Virtual Assets Regulatory Authority (VARA).
According to the official announcement issued on July 18th, the crypto-driven fintech investor, regulated by the Monetary Authority of Singapore (MAS), will now be able to operate in Dubai and offer its goods and services to institutional clients.
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Adrian Chng, the founder of Fintonia Group, noted that Dubai is one of the few places in the world that is working on becoming a virtual assets hub for many companies, stepping into the growing UAE market. He added:
“The virtual asset license marks an important milestone in our aspiration to have a presence in every region where there are innovative Web 3.0 and crypto companies.”
Chng explained that there is a significant demand for services that Fintonia provides, meaning that the fund manager is planning on boosting its presence in places such as Dubai and Singapore, “where we see strong digital asset ecosystems developing.”
Likewise, Helal Saeed Almarri, the director general of Dubai's department of economy and tourism, mentioned that he is looking forward to working "with Fintonia to build thought leadership for the virtual assets industry and their active contribution to facilitating VARA’s regime," as well as "drive the next phase of maturity for the sector.”
In fact, last year, Fintonia rolled out two institutional-grade Bitcoin (BTC) funds in Singapore, dubbed the Fintonia Bitcoin Physical Fund and the Fintonia Secured Yield Fund. Now, the company is planning to boost its headcount.
Fintonia also joins the massively growing list of digital asset firms that are expanding their operations in Dubai. For instance, back in March, the crypto exchange FTX Europe announced that it would be setting up its regional headquarters in the region.
Likewise, Binance, Kraken, Crypto.com, and OKX followed in similar footsteps and received their digital asset licenses in the country to offer an array of crypto-related services.
