Three Arrows Capital (3AC), a crypto trading and venture capital company, is shifting its headquarters base to Dubai, UAE, from Singapore. The move is taking place as the company is organizing its first fund targeted at external investors, according to the sources familiar with the move.
3AC is one of the large crypto companies to lately shift to the Middle East because the regulatory climate in Singapore appears to be worsening. Su Zhu, the co-founder of 3AC, confirmed the shift to Dubai but declined to give additional information on fundraising plans.
Zhu pointed out that the Dubai digital asset industry is on a huge upswing right now. He added that they have made up the decision to relocate to Dubai and will be working towards meeting more tech startups in the emerging tech hub.
3AC Joins Other Crypto Companies Moving to Dubai
The Monetary Authority of Singapore (MAS) has started clamping down on crypto-related activity. Already, it has targeted a number of crypto fIrms to its Investor Alert List (IAL).
MAS has indicated that the persons or entities on IAL may have been wrongly thought of as being regulated or licensed by MAS. Binance, a crypto exchange with a presence in Singapore, was added to IAL in the fall of last year. Binance shifted its base to Dubai and recently got a license to operate as a virtual asset service provider.
Kyle Samani, the founder of Multicoin Capital, a crypto venture firm, said that Singapore was pro-crypto, but this approach has shifted. This is why more companies are en route to Dubai.
Kyle Davis, co-founder of 3AC, indicated he was delighted about the goal and mission of the Dubai Virtual Assets Regulatory Authority. In the coming days, months, and years, a lot more digital asset firms will be headed to Dubai.