- A license to operate in Dubai has been obtained by Singapore’s Fintonia Group.
- Ruler of Dubai announces a new Metaverse Strategy.
Dubai Virtual Assets Regulatory Authority (VARA) has issued a provisional digital asset license to Singapore-based fintech investor and crypto fund manager Fintonia Group. The license placed Fintonia in the same as companies like FTX, Binance, and Crypto.com.
With the regulatory approval, Fintonia wants to increase its UAE footprint and grow its workforce in Dubai, and it intends to expand around this for Middle Eastern-based web3 firms.
Wider Adoption of Virtual Currency
According to reports, Fintonia intends to focus on the UAE’s enthusiasm for digital assets, over the period of the next five years, two-thirds of the country’s people plan to invest in cryptocurrencies.
Founder and Chairman of Fintonia Group Adrian Chng stated that;
Dubai is making significant strides toward establishing itself as a virtual assets hub and creating a conducive environment for the industry’s growth, and we are very pleased to be part of this rapid growth.
The company will also widen the scope of its product offerings by providing customized treasury and balance sheet management services to token foundations, protocols, and bitcoin miners, among other entities in the Dubai market. Fintonia already provides two institutional-grade bitcoin funds and loans in Singapore that are backed by bitcoin collateral.
However, Dubai is expanding its space in the virtual world. On Monday, Hamdan Bin Mohammed Bin Rashid Al Maktoum, the Ruler Of Dubai and the head of the Dubai Executive Council announced the Metaverse Strategies. The sector expected to generate up to 40,000 additional virtual jobs and $4 billion in additional GDP over the next five years.
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