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HomeDeFiThree Arrows Capital is Not Registered in Dubai, Confirms Regulator

Three Arrows Capital is Not Registered in Dubai, Confirms Regulator

A spokesperson from the Dubai Financial Services Authority (DFSA) has confirmed that the embattled VC company Three Arrows Capital (3AC) was not registered in the realm.

  • “We can confirm that Three Arrows Capital is not a DFSA authorized firm and is not regulated by the DFSA,” talked about a DFSA spokesperson in an e-mail to CoinDesk.

  • This information contradicts claims from 3AC co-founder Su Zhu in April, stating that the company may be relocating to Dubai. He talked about that the company would launch a $5 billion fund in city, which has a further welcoming regulatory environment than Singapore.
  • Dubai has been opening itself to the crypto enterprise little by little, having announced its Virtual Asset Regulatory Authority this March. Numerous developments are literally coming out of city, along with an space school that accepts tuition funds in Bitcoin and Ethereum.
  • In Singapore, firms like 3AC are regulated by the Monetary Authority of Singapore (MAS). To conduct corporations in the Dubai International Financial Centre, they should be overseen by the DFSA, as a result of the regulator’s web page confirms.
  • The MAS’s Chief Fintech Officer stated this month that will probably be “brutal and unrelentingly hard” on harmful actors in the crypto space.
  • 3AC observed quite a lot of leveraged positions liquidated this month amid the crypto market collapse. Contagion from its collapse is now spreading to completely different firms, and Zhu has stated that 3AC might search asset sale and bailout decisions in the aftermath.
  • Even outside of the DIFC, 3AC appears to have registered nowhere in city. Dubai’s National Economic Register reveals no firms matching the VC company’s description.
  • Nevertheless, Zhu’s Twitter location signifies that he is in the meanwhile in Dubai.

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