Fintonia Group Acquires Provisional Virtual Assets License in Dubai

According to a news release, the Dubai Virtual Assets Regulatory Authority (VARA) has given a provisional virtual asset license to Singapore-based crypto fund manager Fintonia Group. With the license, the company can now provide cryptocurrency products and services to institutional clients in Dubai as it attempts to gain traction in the rapidly developing UAE market. The Monetary Authority of Singapore has governed Fintonia Group since 2016, and the company has been operating since 2014. Founder and Chairman Adrian Chang said, “Our focus is to grow our business in Singapore and Dubai, where we see digital solid asset ecosystems developing along with demand for the regulated institutional grade services that Fintonia provides.” Fintonia Group Wishes to Expand Footprints in Dubai With the regulatory decision, the business wants to increase its UAE footprint and grow its workforce in Dubai while offering treasury and balance sheet management services to token foundations, protocols, and bitcoin miners, among other participants. It anticipates building upon this for Middle Eastern-based web3 businesses. The most recent decision adds Fintonia to the list of cryptocurrency and digital asset businesses that have been given the go-ahead to operate in Dubai. VARA, the organization regulating the cryptocurrency sector in Dubai, established itself in March of this year. It has taken attempts to look pro-crypto, like declaring intentions ...