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With this decision, Three Arrows Capital became the latest crypto firm to make a move to the Middle East.
A hedge fund manager, Three Arrows Capital, has announced its intention to relocate to Dubai. The decision became necessary after the Monetary Authority of Singapore (MAS) began to tighten its crypto regulations.
Commenting on the decision, co-founder at Three Arrows Capital, Kyle Davis said:
“I am very impressed with the vision of Dubai Virtual Assets Regulatory Authority”.
Davis expects many more leading firms to migrate to Dubai and further strengthen the growing crypto ecosystem.
Changing Crypto Landscape in Singapore
Before now, Singapore was the prime destination for crypto firms, attracting them in numbers because of its pro-crypto policies. However, the MAS began to crack down on crypto activity in the nation recently. As Kyle Samani, founder of Multicoin Capital noted, “For a while, Singapore was making pro-crypto decisions, but now something’s changed course.”
Most recently, the apex bank added several crypto firms to its Investor Alert List (IAL). According to the MAS, the IAS is a list of unregulated entities wrongly perceived as being licensed or regulated by the apex bank. Last year, the largest crypto exchange Binance, was one of those added to the IAL.
The bank also gave a directive stopping the marketing of crypto products, a move that left many companies shell-shocked.
Three Arrows Capital Dubai Move Is One of Many Similar
With this decision, Three Arrows Capital became the latest crypto firm to make a move to the Middle East. Recently, FTX also obtained a virtual assets provider license in Dubai. WazirX also recently shifted base to Dubai while Crypto.com and Bybit have also announced plans to move to Dubai on different levels.
The co-founder of Three Arrows Capital, Su Zhu, confirmed the move of its headquarters to the Middle Eastern city. He said, “The energy in Dubai’s digital asset industry is electric right now.” Zhu also expressed his interest in connecting with more technology startups in Dubai.
The move to Dubai comes at the same time the company is raising capital from external investors. However, the firm has yet to comment on its fundraising plans.