Three Arrows Capital, a cryptocurrency trading and venture capital firm, is relocating its headquarters from Singapore to Dubai, United Arab Emirates (UAE).
According to sources familiar with the situation, the anticipated shift comes as Three Arrows Funds prepares to launch its first-ever fund that will accept capital from outside investors. Three Arrows Capital is the latest crypto behemoth to set its sights on the Middle East, as Singapore’s regulatory climate appears to be deteriorating.
The crypto trading firm, Three Arrows Capital, on the other hand, refused to respond to its fundraising plans. However, Su Zhu, a co-founder, confirmed the transfer to Dubai. Zhu told a local media house,
“The energy in Dubai’s digital asset industry is electric right now. We have decided to move our Three Arrows headquarters to Dubai and I’m looking forward to meeting more technology startups.”
Dubai the new crypto polestar; ‘Out of sight, out of mind’: Three Arrows Capital?
The Monetary Authority of Singapore (MAS), the country’s central bank and financial regulator, has begun to crack down on cryptocurrency activity, adding many cryptocurrency companies to its Investor Alert List (IAL).
The MAS described the list as “unregulated persons who may have been mistakenly perceived as licenced or regulated by MAS based on information obtained by MAS.”
Binance, a cryptocurrency exchange based in Singapore, was added to the IAL last fall. Binance has also increased its presence in Dubai, having recently received a licence to operate as a virtual asset service provider in the city.
However, on the the other hand, the use of cryptocurrencies in the United Arab Emirates is rapidly increasing. Bake N More and YallaMarket, both based in Dubai, have recently announced that bitcoins will be accepted as a form of payment.
The UAE’s push to expand the crypto industry has recently attracted major firms. Due to the government’s plan to award virtual asset licences under the Dubai Virtual Assets Regulatory Authority, many crypto exchanges are shifting their headquarters to Dubai.
Dubai is on its way to becoming a crypto superpower. Other virtual assets are also being promoted by the Emirate, which has crypto-friendly policies.
Some crypto enthusiasts believe that some things have changed with the decisions being made in Singapore regarding crypto. Do they fear that Pro-crypto Singapore no longer exists? Or is it just the lust for a new crypto superpower like Dubai? Only time will tell.
