Three Arrows Capital to Move Headquarters to Dubai, Raise External Capital

Crypto firms eye the Middle East amid regulatory scrutiny from Singaporean officials.

AccessTimeIconApr 28, 2022 at 6:08 p.m. UTC
Updated May 11, 2023 at 4:21 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

NASSAU, BAHAMAS — Crypto trading and venture capital firm Three Arrows Capital is moving its headquarters from Singapore to Dubai, United Arab Emirates.

The planned move comes as Three Arrows Capital organizes its first-ever fund that would take capital from external investors, according to sources familiar with the matter.

  • What's the Biggest Misconception People Have About Bitcoin Mining?
    00:39
    What's the Biggest Misconception People Have About Bitcoin Mining?
  • Is Crypto at the 'Mercy' of Fed Rates and Macro Conditions Now?
    08:53
    Is Crypto at the 'Mercy' of Fed Rates and Macro Conditions Now?
  • Traders Bet on Ether's Drop; Sen. Lummis, Gillibrand Take on Stablecoin Legislation, Again
    01:47
    Traders Bet on Ether's Drop; Sen. Lummis, Gillibrand Take on Stablecoin Legislation, Again
  • Crypto Fee War Intensifies in South Korea
    01:02
    Crypto Fee War Intensifies in South Korea
  • Three Arrows Capital is the latest crypto giant to eye the Middle East as the regulatory climate in Singapore appears to have soured.

    Three Arrows Capital declined to comment on fundraising plans. Co-founder Su Zhu confirmed the move to Dubai.

    “The energy in Dubai’s digital asset industry is electric right now,” Zhu told CoinDesk. “We have decided to move our Three Arrows headquarters to Dubai and I’m looking forward to meeting more technology startups.”

    3AC on the move

    The Monetary Authority of Singapore (MAS), the nation’s central bank and financial regulator, has begun cracking down on crypto activity, adding several crypto firms to its Investor Alert List (IAL).

    The MAS describes the list as “unregulated persons who, based on information received by MAS, may have been wrongly perceived as being licensed or regulated by MAS.”

    Last fall, the crypto exchange Binance, which has operations in Singapore, was added to the IAL. Binance has also stepped up its presence in Dubai, recently obtaining a license to operate in Dubai as a virtual asset service provider.

    “For a while, Singapore was making pro-crypto decisions, but now something’s changed course,” said Kyle Samani, founder of the crypto venture capital firm Multicoin Capital, on the trend towards Dubai.

    “I am very impressed with the vision of Dubai Virtual Assets Regulatory Authority,” added Kyle Davies, also a co-founder of Three Arrows Capital. “I expect many leading firms to continue to move to Dubai and contribute to the growing digital asset ecosystem.”

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Tracy Wang

    Tracy was the deputy managing editor at CoinDesk. She owns BTC, ETH, MINA, ENS and some NFTs.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.