Fund Manager Fintonia Group Receives Provisional Virtual Assets License in Dubai

Fintonia Group has followed in the footsteps of several leading crypto companies in securing a license to operate in Dubai.

AccessTimeIconJul 19, 2022 at 2:00 a.m. UTC
Updated May 11, 2023 at 4:22 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

Singapore-based crypto fund manager Fintonia Group has secured a provisional virtual asset license granted by the Dubai Virtual Assets Regulatory Authority (VARA), according to a press release.

  • The license allows the firm to offer crypto products and services to institutional clients in Dubai as it looks to establish a foothold in the emerging UAE market.
  • Fintonia Group has been operating since 2014 and regulated by the Monetary Authority of Singapore since 2016.
  • "Our focus is to grow our business in Singapore and Dubai, where we see strong digital asset ecosystems developing along with demand for the regulated institutional grade services that Fintonia provides," founder and chairman Adrian Chng told CoinDesk.
  • In recent months a slew of crypto companies have secured licenses in Dubai including Binance, OKX and FTX, with Kraken being granted a license in Abu Dhabi.
  • Rival Singapore-based crypto fund Three Arrows Capital had also planned a move into Dubai before it was struck by solvency issues, which resulted in bankruptcy and market contagion that hit many of the largest crypto lending companies including CoinDesk sister company Genesis Global Trading and Voyager Digital.
  • Despite operating a similar business, Chng reiterated to CoinDesk that Fintonia had not been exposed or impacted by the downturn related to Three Arrows Capital.
  • Polymarket Traders Bet on Fed Rate Cuts; Bitcoin Spot ETFs Register Five-Day Withdrawals Streak
    02:17
    Polymarket Traders Bet on Fed Rate Cuts; Bitcoin Spot ETFs Register Five-Day Withdrawals Streak
  • Base Monthly Active Addresses Increased by 160% in March: Nansen
    00:50
    Base Monthly Active Addresses Increased by 160% in March: Nansen
  • Bitcoin Halving: We Answer Your Questions
    04:16
    Bitcoin Halving: We Answer Your Questions
  • What's Stopping Congress From Passing Crypto Regulation?
    00:56
    What's Stopping Congress From Passing Crypto Regulation?
  • UPDATE (20 July, 10:02 UTC): Corrects fourth bullet to say Kraken was granted a license in "Abu Dhabi" not "Dubai."

    UPDATE (19 July, 10:42 UTC): Corrects founder's name to "Adrian Chng" from "Adrian Chang" in third and sixth bullet.


    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.

    Oliver Knight

    Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.


    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.