Fintonia Group, a crypto fund manager, obtains a temporary license in Dubai

Singapore-based Fintonia Group announced it has secured a license to operate in Dubai.


Fintonia Group Dubai
Source: Newsbitcoin.cash

According to a statement from Fintonia, the Dubai Virtual Asset Regulatory Authority granted the license to the fintech investor and fund manager with expertise in the area of digital assets (VARA).


This is in addition to the Monetary Authority of Singapore's regulation of it. It presently provides two institutional-grade bitcoin funds and loans in Singapore that are backed by bitcoin collateral.


With the regulatory decision, the business wants to increase its UAE footprint and grow its workforce in Dubai, while also offering treasury and balance sheet management services to token foundations, protocols, and bitcoin miners, among other participants.


It anticipates building upon this for Middle Eastern-based web3 businesses.


Following this, Fintonia Group founder Adrian Chng, said,


"Dubai is making significant strides towards establishing itself as a virtual assets hub and creating a conducive environment for the industry’s growth and we are very pleased to be part of this rapid growth."

"The virtual asset license marks a significant turning point in our aim to have a presence in every country where there are forward-thinking Web 3.0 and cryptocurrency enterprises," the company stated.


The most recent decision adds Fintonia to the list of cryptocurrency and digital asset businesses that have been given the go-ahead to operate in Dubai.


VARA, the organization in charge of regulating the cryptocurrency sector in Dubai, established itself in March of this year and has taken attempts to look pro-crypto, like declaring intentions to open a metaverse headquarters in the virtual environment The Sandbox.


Dubai has already granted licenses to leading crypto firms like Binance, FTX, and Crypto.com, all of which will establish regional headquarters in the Emirate. Most recently, it granted a provisional operating license to the cryptocurrency trading software OKX.

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