Digital Assets

Singapore’s Fintonia Secures Provisional Virtual Assets License in Dubai

Singaporean crypto fund manager Fintonia Group announced that it has secured a provisional virtual asset license granted by the Dubai Virtual Assets Regulatory Authority (VARA).

The license allows Fintonia to participate in Dubai’s digital assets ecosystem by operating crypto native services under full regulatory supervision.

Fintonia joins this niche ecosystem alongside FTX, ByBit, Binance, Crypto.com among others.

Moving forward, Fintonia said that it expects to expand its team in Dubai, as well as provide tailored Treasury and Balance Sheet management services to Token Foundations, protocols, Bitcoin miners and other large holders of digital assets.

In late 2021, Fintonia launched two institutional-grade Bitcoin (BTC) funds in Singapore, namely the Fintonia Bitcoin Physical Fund which provides accredited investors with direct economic exposure to Bitcoin and the Fintonia Secured Yield Fund, which gives investors access to private loans secured by Bitcoin.

Helal Saeed Almarri

Helal Saeed Almarri, Director General of Dubai World Trade Centre Authority that houses VARA said,

“We welcome the Fintonia Group to our licensing programme, even as we look to enable the most responsible and innovative global participants in the virtual asset ecosystem.

We look forward to engaging with Fintonia to build thought leadership for the virtual assets industry and their active contribution to facilitating VARA’s regime, drive the next phase of maturity for the sector.”

Adrian Chng, Founder of Fintonia Group said,

Adrian Chng

“Dubai is making significant strides towards establishing itself as a virtual assets hub and creating a conducive environment for the industry’s growth and we are very pleased to be part of this rapid growth.

The virtual asset license marks an important milestone in our aspiration to have a presence in every region where there are innovative Web 3.0 and crypto companies, enabling us to connect and collaborate with members of the crypto native ecosystem and the traditional financial services industry,”