Dubai is slowly becoming one of the largest hubs for cryptocurrency activities. Some of the largest crypto players, including Binance and FTX, have announced plans to set up locations in Dubai. Singapore’s Fintonia Group is now the latest crypto player to enter Dubai after securing a provisional license.
Fintonia Group secures provisional license in Dubai
Fintonia Group is a crypto fund manager based in Singapore. The company invests in fintech companies as a venture capital investor. It has become the latest crypto company to obtain a license from the Digital Virtual Asset Regulatory Authority (VARA).
Besides this recently acquired license in Dubai, Fintonia Group is also licensed by the Monetary Authority of Singapore. In its operations in Singapore, Fintonia provides loans secured using Bitcoin as collateral. It also provides two institutional-grade Bitcoin funds.
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The company plans to increase its presence in the United Arab Emirates by obtaining this license in Dubai. It will offer a wide range of services in Dubai that target Bitcoin miners, tokens, protocols, and many other players within the crypto space. It plans for its services to be widely available to Web3 companies in the Middle East.
The founder of Fintonia Group, Adrian Chng, noted that the company’s expansion into Dubai follows the region’s openness towards embracing virtual assets and creating a conducive environment where the crypto industry can grow. With this license, Fintonia would accomplish its mission of expanding into regions where Web 3.0 and crypto companies have sprouted.
Crypto regulations in Dubai
Dubai has become one of the largest hubs for cryptocurrency activities. Fintonia is joining the growing list of crypto-based companies venturing into the region after receiving approval from regulatory bodies.
The cryptocurrency space in Dubai is currently regulated by VARA. VARA started operating in March this year and has already made positive steps that have transformed the region into being crypto-friendly.
One of the boldest moves made by Dubai to show its openness towards crypto innovation is the launch of its headquarters within The Sandbox metaverse. The Sandbox is one of the largest metaverse worlds, harboring some leading brands that want to show their support for crypto assets.
Some crypto companies that have obtained their license from VARA include Binance, Crypto.Com, and FTX. These companies now have regional hubs within the UAE. The recent crypto service provider to receive this license is the OKX crypto trading app.
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