Dubai Regulator: Three Arrows Capital Isn’t Registered Here

The Dubai Financial Services Authority says the embattled crypto fund has not set up shop in the emirate, despite stated plans.

AccessTimeIconJun 24, 2022 at 1:29 p.m. UTC
Updated May 11, 2023 at 6:53 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

In the prelapsarian days of April, Three Arrows Capital’s Su Zhu said his firm’s headquarters was moving to Dubai to launch a new $5 billion fund, citing a friendlier regulatory environment than Singapore.

But a lot has happened since, and there’s no evidence to suggest that the embattled crypto fund has made good on its claim that it's moving away from the Lion City.

“We can confirm that Three Arrows Capital is not a DFSA authorized firm and is not regulated by the DFSA,” a spokesperson for the DFSA (Dubai Financial Services Authority) told CoinDesk via email.

In Singapore, Three Arrows Capital is regulated by the Monetary Authority of Singapore. A company looking to replicate its Singaporean structure in Dubai would be expected to seek registration as a fund with the DFSA.

In order to conduct financial services in or from the Dubai International Financial Centre (DIFC) – a purpose-built financial free trade zone – entities need to seek authorization from the DFSA, according to the regulator’s website.

In the last few years, the DIFC has wooed crypto companies to the emirate with the promise of innovative regulation.

Three Arrows hasn’t registered an entity outside of the DIFC either. A search of Dubai’s national economic register shows no company matching the description of Three Arrows Capital registered in the emirate — although there is an air-conditioning company with the name “Three Arrows” operating.

A screenshot of Dubai's national business registry taken on June 24, 2022.
A screenshot of Dubai's national business registry taken on June 24, 2022.

Setting up a company in Dubai only takes four to five working days, according to accountants with experience in the matter. It would be expected that a fund serious about moving to Dubai would have made inroads after its April announcement.

Zhu lists Dubai as his location on Twitter.

On stage at Crypto Bahamas in Nassau in April, Zhu specifically cited that “energy in Dubai’s digital asset industry is electric right now” as a reason for the move, while his business partner and fund co-founder Kyle Davies said he was “very impressed with the vision of Dubai Virtual Assets Regulatory Authority.”

“I expect many leading firms to continue to move to Dubai and contribute to the growing digital asset ecosystem,” Davies said at the time.

Neither Three Arrows Capital nor Davies responded to a request for comment.


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; 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.

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 to register and buy your pass now.