Three Arrows Capital, a cryptocurrency trading and hedge fund manager, is moving its headquarters to Dubai from Singapore, becoming the latest among a growing number of firms looking to expand their presence in the Middle East.
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Fast facts
- Su Zhu, cofounder of Three Arrows Capital, on Friday tweeted a CoinDesk article, wherein he told of the firm’s decision to move its base and that “the energy in Dubai’s digital asset industry is electric right now.”
- A number of crypto firms have eyed the Gulf region for expansion, with Binance recently obtaining licenses in Dubai, Bahrain and Abu Dhabi after withdrawing its license application in Singapore in December.
- While Singapore has most recently granted in-principal licenses to fintech companies such as Revolut, there are still close to 100 other applicants waiting for approval.
- The Monetary Authority of Singapore has said it wants to encourage the development of the city-state as a “responsible crypto hub.”
- The United Arab Emirates has attracted a number of crypto companies, including Binance, FTX, Crypto.com, Bybit and Kraken.
- Dubai has also won praise from senior bankers for its potential as a go-to destination for the cryptocurrency industry.
See related article: Singapore wants to bring some adult supervision to crypto