Popular crypto hedge fund Three Arrows Capital (3AC) is moving its headquarters from Singapore to Dubai amid growing regulatory concerns.
The information was confirmed by the founder and CEO of the fund, Mr. Zhu Su, posted on his personal page on April 29. Moreover, 3AC’s migration plan took place at the same time when the company was in operation. the first new fund plan to receive funding from foreign investors.
The energy in Dubai’s digital asset industry is electric right now,” Zhu told CoinDesk. “We have decided to move our Three Arrows headquarters to Dubai and I’m looking forward to meeting more technology startups” https://t.co/4OuZ4akh6b
— Zhu Su (@zhusu) April 28, 2022
As such, Three Arrows Capital has become the latest crypto giant to eye the Middle East as the regulatory environment in Singapore appears to be getting worse than before. The main reason stems from the fact that the Monetary Authority of Singapore (MAS), the country’s central bank and financial regulator, has begun to tighten the cryptocurrency sector during the past time, especially The move continues to add several popular crypto platforms to its Investor Alert List (IAL).
In early September of last year, Binance exchange was listed in the IAL by MAS. Since then, Binance’s legal relationship with Singapore immediately slipped to such an extent that Binance had to stop providing cryptocurrency services to Singaporean users only to be forced to withdraw its operating application and declare closed in this country. Besides, Huobi and Bybit also suffered the same fate.
However, for the regulatory situation surrounding the Middle East region, the story is very open for the crypto market as the UAE authorities have just issued a new regulatory framework for cryptocurrencies in Dubai aimed at aims to protect investors and design optimally guaranteed international standards for industry governance.
Taking this opportunity, Binance itself quickly expanded its relationship with the UAE authorities to obtain licenses to operate in Abu Dhabi, Dubai and Bahrain. Recently, CEO Changpeng Zhao also admitted that Binance has abandoned the “decentralized” culture, switching to a traditional model by about to announce where the company’s headquarters is located. Therefore, based on all established facts, it is highly likely that the UAE will be the destination for Binance.
Also in mid-March 2022, Bybit announced that it would move its worldwide headquarters from Singapore to Dubai after receiving approval from UAE authorities.
📢 In an announcement with the UAE Ministry of Economy @Economyae at the World Government Summit, Bybit received in-principal approval to conduct virtual asset business & will be setting up our global HQ in Dubai!
📲 Read more here: https://t.co/HXk2dwVCCQ pic.twitter.com/0J7HQ9kjqs
— BYBIT (@Bybit_Official) March 28, 2022
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