Blockchain Venture Capital firm and hedge fund manager Three Arrows Capital has revealed they will be moving their base of operation. The firm is the latest to show interest in leaving Singapore as the regulatory environment shifts against the nascent market.
Singapore No Longer A Crypto Haven
Three Arrows Capital will be moving its headquarters to Dubai. This is according to a report on Thursday. The firm joins a list of others considering moving away from Singapore as its crypto crackdown continues.
Three Arrows Capital CEO Su Zhu, speaking on the move, said, “The energy in Dubai’s digital asset industry is electric right now,” adding, “We have decided to move our Three Arrows headquarters to Dubai and I’m looking forward to meeting more technology startups.”
Singapore, in recent times, has continued to implement a string of harsh measures on the nascent market, including clampdowns on crypto advertising and crypto ATMs. In addition, Singapore’s financial authority, the Monetary Authority of Singapore (MAS), has also created a blacklist of sorts of crypto firms that it says are operating without a license in the country.
The Investor Alert List (IAL), as MAS calls it, also includes leading crypto exchange Binance. Unfortunately, recent actions of the regulators continue to alienate crypto firms in the region.
The reason for the sudden shift in Singapore’s pro-crypto stance remains unknown. Meanwhile, as reported by ZyCrypto, less than two weeks ago, the country’s latest crypto crackdowns have seen it slide down the rankings of friendly crypto countries.
As Su Zhu stated, the digital asset market in the city of Dubai and UAE at large is buzzing. As reported by ZyCrypto last month, the city has offered licenses to FTX, Binance, and Bybit in a very short space of time as part of the UAE’s broader effort to become the world’s crypto capital.
Binance has praised the pro-crypto stance of the region, promising to build a crypto hub in the city of Dubai. So it will come as no surprise if the global exchange also establishes its headquarters there.
The Middle East and the likes of the Bahamas, El Salvador, the Central African Republic, etc., have put all their cards on the table and thrown their weight behind the blockchain industry. However, while blockchain adoption is growing in these regions, there are still countries that have taken a more hostile stance toward the nascent market, like India.