The cryptocurrency hedge fund Three Arrows Capital plans to relocate its headquarters from Singapore to Dubai, Bloomberg reports.<\/p>\n
Possible relocation was confirmed to the agency by co-founder Su Zhu.<\/p>\n
\n\u201cThe energy in the digital asset industry in Dubai is currently electric. We have decided to relocate the Three Arrows headquarters, and I look forward to meeting new technology startups,\u201d Zhu said CoinDesk<\/a>.<\/p>\n<\/blockquote>\n
According to the publication, the firm is also launching its first fund to raise capital from external investors. Zhu and Kyle Davies founded Three Arrows in 2012 to invest in high-risk assets.<\/p>\n
According to the site<\/a>, the hedge fund owns stakes in crypto projects BlockFi, Deribit, Fireblocks, assets in Bitcoin, Ethereum, Polkadot, Solana and others. The company funded a number of DeFi projects, including Aave, Balancer and Trader Joe.<\/p>\n
In March, Dubai authorities adopted<\/a> a virtual assets law and established a regulatory body.<\/p>\n
In the same month, licences in the emirate were granted to Bitcoin exchanges FTX<\/a> and Binance<\/a>. In December 2021, the latter withdrew its application<\/a> to the Monetary Authority of Singapore (MAS) for permission to operate a local subsidiary.<\/p>\n
According to MAS managing director Ravi Menon, Singapore aims to become a \u201cresponsible\u201d crypto hub.<\/p>\n
Of around 170 companies that applied in the country, only a small number received licences to provide services related to cryptocurrencies and other digital assets. Among them was Paxos<\/a>.<\/p>\n
In January 2022, MAS effectively banned advertising of services and products<\/a> of industry companies, a surprise to market participants. The regulator’s decision, for example, forced Bitcoin ATM operators in the country to disconnect the devices<\/a>.<\/p>\n