Singapore based financial services company, Fintonia Group, has just secured a provisional virtual asset license granted by the Dubai Virtual Assets Regulatory Authority (VARA).
The United Arab Emirates (UAE) is gaining meteoric popularity among leading crypto companies around the world as the global hub for digital asset innovation. Last month, leading cryptocurrency exchange, Crypto.com, revealed that it has obtained provisional approval for its virtual asset license from VARA. A few days ago, crypto trading app, OKX, also secured a provisional virtual assets license from the Dubai didgatal assets regulatory board in an effort to facilitate qualified investors through an approved list of products and services.
A License to Boost Crypto Services
According to the offical blog post, the license will allow Fintonia to offer crypto products and services to institutional clients in Dubai while expanding to provide tailored treasury and balance sheet management services in the soaring UAE crypto market. Adrian Chng, founder of Fintonia Group, highlighted that the company’s main focus is on the Singapore and Dubai markets as there seems to be a storng digital asset ecosystems evolving along with demand for the regulated institutional grade services. He added,
“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.”
Chng emphasized that the virtual asset license marks an important milestone in Fintonia’s aspiration to have a presence in every region where there are innovative Web 3.0 and crypto companies. In a statement, Chng, explained,
“I think financial services should follow technology companies and financial markets. And what’s exciting is, when we talk about the blockchain technology, when we talk about crypto, is it is showing how there are some inefficiencies in financial services, and how this technology can address those. But I think with the blockchain and web 3.0, it’s more than just financial services that can be impacted.”
Fintonia Bitcoin Funds
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Apart from the license, the singapore based comany have already launched two institutional-grade Bitcoin funds in Singapore in 2021. ‘Fintonia Bitcoin Physical Fund’ and the ‘Fintonia Secured Yield Fund’ were launched by the financial services firm regulated by the Monetary Authority of Singapore (MAS). Chng stated,
“The fund acquires ‘physical’ bitcoin, meaning we will buy the actual bitcoin [rather than] a derivative instrument on bitcoin. The fund also enables efficient cash or crypto transfers, resolving the challenges around moving large amounts of cash in or out of the system.”