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The Southeast Asian island country has been called a crypto haven for a very long time, but it seems like situations are not the same as they were
Three Arrows Capital, a prominent Blockchain Venture Capital, and hedge fund management firm, has said that it will be shifting its headquarters. The company has become the latest to show such interest in joining other similar firms and is leaving its current base of operation in Singapore. The country has adopted several stringent environmental regulations against the crypto market. Now the venture capital firm Three Arrows Capital will move its headquarter to Dubai, as per the report on Thursday.
CEO Three Arrows Capital Su Zhu, while speaking on this move, the energy regarding Dubai’s digital assets is electrifying. He said that the company has decided to move the headquarters of Three Arrows to Dubai, and he is looking forward to meeting more such technology-based startups.
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In recent times, Singapore has continuously implemented a series of harsh measures on the nascent crypto market that includes clampdowns on advertising and ATMs of cryptocurrencies. On top of that, the financial authority of Singapore, named the Monetary Authority of Singapore (MAS), has created a blacklist of crypto firms that the authority said are operating in the country without a license.
MAS calls the blacklist The Investor Alert List or IAL, including leading cryptocurrency exchange firms like Binance. Whatever the concern of financial authority has not resulted well for budding crypto space in the region as it resulted in leaving crypto firms in the region.
The sudden shift in the pro-crypto stance of Singapore is still unknown; however, in the meantime, it’s less than two weeks earlier when the latest crypto crackdown in the country has seen it slide down the rankings of countries known to be crypto-friendly.
As the CEO of Three Arrows said, the crypto market in Dubai and UAE is booming. As per the reports from last month, the city has offered regulatory licenses to various crypto exchange firms, including FTX, Binance, and By bit that too, in a very short span of time following the broader efforts of the UAE to become the crypto capital of the world. Leading crypto exchange firm Binance has praised the pro-crypto stance and efforts of the region, promising to build a whole crypto hub in Dubai City.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
