Three arrows capital will move the headquarters to Dubai because they are looking for a place amid the regulatory scrutiny from the Singaporean officials so let’s read more today in our latest cryptocurrency news.
The crypto trading firm Three Arrows Capital will move its headquarters to Dubai, United Arab Emirates. The planned move came as the company organized the first-ever fund whcih will take capital from external investors. The company is the latest to eye the Middle East as the regulatory climate in Singapore seems to have soured. Three Arrows Capital co-founder Su Zhu confirmed the move to Dubai:
“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.”
The Monetary Authority of Singapore as the nation’s central bank and the financial regulator has started cracking down on the crypto activity and added several crypto companies to the investor alert list. The MAS described the list as a list of unregulated persons that based on the information recieved by MAS, could have been wrongly perceived as being licensed or regulated by MAS. Last fall, the crypto exchange Binance which has operations in Singapore, was added to the IAL and Binance also stepped up its presence in Dubai after getting a license to operate in Dubai as a virtual asset service provider. The founder of Multicoin Capital, Kyle Samani said:
“For a while, Singapore was making pro-crypto decisions, but now something’s changed course.”
Kyle Davis who is the co-founder of Three Arrows Capital wrote:
“I am very impressed with the vision of Dubai Virtual Assets Regulatory Authority. I expect many leading firms to continue to move to Dubai and contribute to the growing digital asset ecosystem.”
As recently reported, The hedge fund manager Three Arrows Capital purchased more than $50 million worth of ETH in what has been seen as a controversial history of the native token but then it transferred 15,000 coins from Binance and Coinbase to its wallet. The blockchain journalist Colin Wu outlined the recent interaction of Three Arrows Capital with Etheruem and said the transfers of ETH from the two biggest exchanges to the firm’s wallet were accurate.
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