Fintonia Group, a crypto-fund firm based in Singapore, has been granted a provisional virtual asset license by the Dubai authority.
The company intends to expand operations in Dubai and to increase its staff in Dubai. This will allow it to gain a foothold in emerging markets like the UAE. This license allows the company’s latest license to offer cryptocurrency products and services for institutional clients in Dubai.
Fintonia Group provides financial services to entrepreneurs and institutions, including wealth management, funds management, and merchant banking solutions.
The firm offers two institutional-grade Bitcoin funds and collateral-backed loans to investors in Singapore.
Adrian Chng, founder Fintonia Group said: “Dubai is making significant strides towards establishing itself as a virtual assets hub and creating a conducive license environment for the industry’s growth, and we are very pleased to be part of this rapid growth.”
A provisional virtual-asset licence was granted by the Dubai authority to Cryptocurrency platform OKX, formerly OKEx. The exchange intends to create a regional hub within the city.