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 2, 2022 at 6:23 a.m. UTC

Tracy is a deputy managing editor at CoinDesk. She owns BTC, ETH, MINA, ENS, various stablecoins, and some NFTs.

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.

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.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Tracy is a deputy managing editor at CoinDesk. She owns BTC, ETH, MINA, ENS, various stablecoins, and some NFTs.

CoinDesk - Unknown

Tracy is a deputy managing editor at CoinDesk. She owns BTC, ETH, MINA, ENS, various stablecoins, and some NFTs.