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Fintonia Group has been in business since 2014 and has been governed by the Monetary Authority of Singapore since 2016.
Fintonia Group, a Singapore-based crypto fund manager, has announced via a press release that it has secured a provisional virtual asset licence in Dubai. The announcement also states that the license was granted by the Dubai Virtual Assets Regulatory Authority (VARA) and allows the fintech firm to offer crypto products and services to institutional clients in Dubai in a bid to capture a piece of the emerging UAE market.
Fintonia Group now reportedly plans to increase its activities in the UAE and expand its team while also offering treasury and balance management services to token foundations, protocols, and bitcoin miners, among other participants.
The company also anticipates building upon this for Middle Eastern-based web3 businesses.
Director General of Dubai World Trade Centre Authority that houses VARA, Helal Saeed Almarri, after the announcement stated, “We welcome the Fintonia Group to our licensing programme, even as we look to enable the most responsible and innovative global participants in the virtual asset ecosystem.”
“We look forward to engaging with Fintonia to build thought leadership for the virtual assets industry and their active contribution to facilitating VARA’s regime, driving the next phase of maturity for the sector,” he added.
Adrian Chang, Founder, and Chairman of Fintonia Group described Dubai as a place, making tremendous strides towards establishing itself as a virtual asset hub and creating a favorable atmosphere for the industry’s growth and that the company is delighted to be a part of this rapid expansion.
Chang also stated that the primary goal of Fintonia Group is to grow its business in Singapore and Dubai, where there is a growing market for the regulated institutional-grade services that Fintonia offers.
“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, enabling us to connect and collaborate with members of the crypto native ecosystem and the traditional financial services industry,” he stated.
Fintonia Group has been in business since 2014 and has been governed by the Monetary Authority of Singapore since 2016. The firm currently offers loans secured against bitcoin collateral, along with two institutional-grade bitcoin funds, namely the Fintonia Bitcoin Physical Fund, launched in the latter stages of 2021.
The two Bitcoin funds provide accredited investors with direct economic exposure to Bitcoin.
Fintonia Group now joins a long list of fintech firms to secure a license to operate in the UAE from VARA. FTX, Binance, ByBit, Crypto.com, and most recently OKX are all among companies that have secured a license to operate in the UAE.