Fintonia Group, a financial services company based in Singapore, announced today that it has secured a provisional virtual asset license granted by the Dubai Virtual Assets Regulatory Authority (VARA).
The license allows Fintonia to participate in Dubai’s fast-growing digital assets ecosystem by operating crypto native services under full regulatory supervision, enabling it to deliver top-tier financial solutions to a new geographical pool of clients and serve the regional market more effectively, the company said in an announcement on Tuesday.
Fintonia highlighted UAE’s exponentially growing market – over two-thirds of residents are interested in investing in cryptocurrencies within the next five years – and said it will leverage the rapid development of new products and services for crypto native companies in the Middle East to expand and enhance its own offerings.
“Dubai is making significant strides towards 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,” Adrian Chng, founder of Fintonia Group, said in the announcement.
In March 2022, the Dubai Virtual Asset Regulatory Authority (VARA) was established as the world’s first regulator for virtual assets. It has since awarded licenses to FTX, ByBit, Binance, Crypto.com and Web3 Holdings FZE – a NFT and fan token investment holding company founded by ex-Singapore nominated member of parliament Calvin Cheng.
Fintonia said it expects to expand its team in Dubai, as well as provide tailored treasury and balance sheet management services to Token Foundations, protocols, Bitcoin miners and other large holders of digital assets.
The company launched two institutional-grade Bitcoin (BTC) funds in Singapore in 2021 – one that provides accredited investors with direct economic exposure to Bitcoin and another that gives investors access to private loans secured by Bitcoin.