A Singapore-based crypto fund manager Fintonia, has obtained a provisional virtual assets license granted by the Dubai Virtual Assets Regulatory Authority (VARA).
The license opens a way for Fintonia to offer crypto products and services to institutional clients in Dubai. This is a big boost for the company’s vision to expand its business in the growing UAE market.
“Our focus is to grow our business in Singapore and Dubai, where we see strong digital asset ecosystems developing along with demand for the regulated institutional grade services that Fintonia provides,” said founder and Chairman Adrian Chang .
Gradually, Dubai is becoming a hub for many crypto startups and businesses. In the last few months, many crypto firms including Binance, OKX, FTX, and Kraken have secured adequate licenses from Dubai authorities to operate their services in the region.
Fintonia’s competitor, Three Arrows Capital had also planned to win a license from Dubai authority to join the race with others. Unfortunately, the crypto hedge fund collapsed and became insolvent and bankrupt due to a disastrous downfall in cryptocurrencies.
3AC’s downfall also surged contagion in other crypto lending protocols including Celsius, Voyager Digital, Genesis Global Trading, and others.
