This article was first published on Tech in Asia
Singapore financial services firm Fintonia secured a provisional virtual asset license from Dubai authorities, allowing the firm to offer crypto services in the city.
Issued by Dubai’s Virtual Assets Regulatory Authority, the license puts Fintonia alongside other names such as FTX, Binance, and Crypto.com in Dubai.
Founded in 2015, Fintonia has been providing fund and wealth management and merchant banking solutions to both institutional and entrepreneurial clients.
According to a statement, Fintonia aims to leverage the UAE’s enthusiasm for digital assets. It’s said two-thirds of the country’s residents have expressed interest in investing in crypto over the next five years. The firm will also expand its products to include offering tailored treasury and balance sheet management services to the market in Dubai.
“Dubai is making significant strides toward 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,” says Fintonia founder Adrian Chng.
The license also marks the Singapore-based firm’s latest industry achievement, having launched two institutional-grade Bitcoin funds in Singapore in late 2021.