A spokesperson from the Dubai Monetary Companies Authority (DFSA) has confirmed that the embattled VC agency Three Arrows Capital (3AC) was not registered within the area.
“We will verify that Three Arrows Capital is just not a DFSA approved agency and isn’t regulated by the DFSA,” mentioned a DFSA spokesperson in an e-mail to CoinDesk.
- This data contradicts claims from 3AC co-founder Su Zhu in April, stating that the agency could be relocating to Dubai. He mentioned that the agency would launch a $5 billion fund within the metropolis, which has a extra welcoming regulatory atmosphere than Singapore.
- Dubai has been opening itself to the crypto business little by little, having announced its Digital Asset Regulatory Authority this March. Quite a few developments at the moment are popping out of town, together with a neighborhood college that accepts tuition funds in Bitcoin and Ethereum.
- In Singapore, companies like 3AC are regulated by the Financial Authority of Singapore (MAS). To conduct providers within the Dubai Worldwide Monetary Centre, they have to be overseen by the DFSA, because the regulator’s web site confirms.
- The MAS’s Chief Fintech Officer stated this month that it will be “brutal and unrelentingly onerous” on dangerous actors within the crypto area.
- 3AC noticed a number of leveraged positions liquidated this month amid the crypto market collapse. Contagion from its collapse is now spreading to different companies, and Zhu has stated that 3AC might search asset sale and bailout choices within the aftermath.
- Even outdoors of the DIFC, 3AC seems to have registered nowhere within the metropolis. Dubai’s Nationwide Financial Register reveals no firms matching the VC agency’s description.
- Nonetheless, Zhu’s Twitter location signifies that he’s at present in Dubai.