Singapore-based crypto fund manager Fintonia Group has secured a provisional virtual asset license granted by the Dubai Virtual Assets Regulatory Authority (VARA), according to a press release.
The license allows the firm to offer crypto products and services to institutional clients in Dubai as it looks to establish a foothold in the emerging UAE market.
Fintonia Group has been operating since 2014 and regulated by the Monetary Authority of Singapore since 2016.
“Our focus is to grow our business in Singapore and Dubai, where we see strong digital asset ecosystems developing along with demand for the regulated institutional grade services that Fintonia provides,” founder and chairman Adrian Chng told CoinDesk.
In recent months a slew of crypto companies have secured licenses in Dubai including Binance, OKX, FTX and Kraken.
Rival Singapore-based crypto fund Three Arrows Capital had also planned a move into Dubai before it was struck by solvency issues, which resulted in bankruptcy and market contagion that hit many of the largest crypto lending companies including CoinDesk sister company Genesis Global Trading and Voyager Digital.
Despite operating a similar business, Chng reiterated to CoinDesk that Fintonia had not been exposed or impacted by the downturn related to Three Arrows Capital.