Former PwC crypto arm leader Henri Arslanian said in a report the digital asset fund Nine Blocks Capital Management will receive $75 million from major supporters, including Hong Kong-based hedge fund Nine Masts Capital.
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- In an interview with the Financial Times, Arslanian said Nine Blocks Capital has received provisional regulatory approval in Dubai, and the fund has placed three portfolio managers in the Cayman Islands.
- Arslanian said he has left his position as a crypto leader at PwC but retained a senior advisory role at the company. His LinkedIn page shows that he has been at Nine Blocks as cofounder and managing partner since March.
- Arslanian says he has moved to Dubai and chose to locate the fund in the Middle East city rather than Hong Kong or Singapore, due to increasingly strict regulations on the crypto industry in both cities.
- He added that the fund may later add a base in Asia.
- The Singapore Monetary Authority has reportedly considered plans to regulate stablecoins and restrict retail crypto investors in the country after the recent insolvencies of crypto lenders.
- Hong Kong has banned retail investors from investing in some digital asset classes like Bitcoin spot ETFs and plans to legislate a licensing system for crypto exchanges.
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