VARA granted Fintonia Group a provisional licence to operate in Dubai
Crypto fund manager Fintonia Group which is based in Singapore, announced that it has secured a license to operate in Dubai.
According to a statement from the Fintonia group, the Dubai Virtual Asset Regulatory Authority (VARA) which is in charge of regulating the cryptocurrency sector in Dubai, has granted the license to the fintech investor and fund manager as it has expertise in the area of digital assets. This is in addition to the license obtained from the Monetary Authority of Singapore. The firm secured a provisional license earlier.
The license enables Fintonia to run cryptocurrency-native services under strict regulatory oversight and participate in Dubai's ecosystem for digital assets. Along with other companies like FTX, ByBit, Binance, and Crypto.com, Fintonia joins this specialized ecosystem.
With the regulatory decision, the business wants to increase its presence in the United Arab Emirates and grow its workforce in Dubai. It will also offer treasury and balance sheet management services to token foundations, protocols, bitcoin miners, among and many other players in the crypto space in Dubai. It plans for its services widely available for Middle Eastern-based web3 businesses.
Adrian Chng, the founder of Fintonia Group, noted that Dubai's openness to embracing virtual assets and creating a conducive environment for a thriving crypto industry led to the company's expansion into Dubai. As a result of this virtual asset license, Fintonia would be able to expand its business into regions where Web 3.0 and crypto companies are flourishing.
The Fintonia adds to the list of cryptocurrency and digital asset businesses that have been given the go-ahead to operate in Dubai. Several crypto players have announced plans to establish offices in Dubai, including Binance and FTX.
About VARA :
VARA, the organization in charge of regulating the cryptocurrency sector in Dubai, established itself in March of this year. The organization has declared intentions to open a metaverse headquarters in the virtual environment The Sandbox. With responsibility for overseeing Dubai's expanding virtual asset market, it has already granted licenses to leading crypto firms like Binance, FTX, and Crypto.com, all of which will establish regional headquarters in the Emirate. Most recently, it granted a provisional operating license to the cryptocurrency trading software OKX.
About Fintonia :
As a venture capital investor, the Group makes investments in fintech businesses. Fintonia offers loans with Bitcoin as collateral in its operations in Singapore. Additionally, it offers two Bitcoin funds of institutional quality. These funds are the Fintonia Bitcoin Physical Fund, which offers accredited investors direct economic exposure to Bitcoin, and the Fintonia Secured Yield Fund, which gives investors access to private loans backed by Bitcoin.
CBW - External Analyst