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According to a news statement, Singapore-based crypto fund manager Fintonia Group has obtained a provisional virtual asset license from the Dubai Virtual Assets Regulatory Authority (VARA).
The license enables the company to provide crypto goods and services to institutional clients in Dubai as it attempts to develop a presence in the booming UAE market.
Fintonia Group has been functioning since 2014 and governed by the Singapore Monetary Authority since 2016.
Adrian Chang, founder and chairman of Fintonia, told CoinDesk, “Our primary objective is to expand our business in Singapore and Dubai, where we foresee the development of robust digital asset ecosystems and growing demand for the regulated institutional-grade services that Fintonia offers.”
Several crypto businesses, including Binance, OKX, FTX, and Kraken, have obtained licenses in Dubai in recent months.
Three Arrows Capital, a rival crypto fund located in Singapore, had also planned a foray into Dubai before its bankruptcy and market contagion, which affected several of the top crypto lending businesses, including CoinDesk sister company Genesis Global Trading and Voyager Digital.
Chang reaffirmed to CoinDesk that despite operating a comparable business, Fintonia had not been exposed to or affected by the Three Arrows Capital decline.
