CJ – Cryptocurrency Specialist
A DFSA spokeswoman told a news organization that Three Arrows Capital is not a DFSA-approved entity.
Su Zhu, the CEO of Three Arrows Capital, said at the beginning of April that his business will move to Dubai in order to launch a $5 billion fund.
An official from the Dubai Financial Services Authority confirmed in an email to CoinDesk that the problematic cryptocurrency fund Three Arrows Capital is not a DFSA-approved entity and is not within the DFSA's authority. Three Arrows Capital's CEO Su Zhu earlier disclosed that the company's headquarters would relocate to Dubai in order to establish a new $5 billion fund. He highlighted Singapore as having a less business-friendly regulatory environment than Dubai because the company there is subject to Monetary Authority of Singapore oversight.
The Dubai International Financial Centre (DIFC), a purpose-built financial free trade zone, is where businesses can offer financial services, but only with license from the Dubai Financial Services Authority, according to the website of the regulating body (DFSA). It was added that Three Arrows has no external entities. Although there isn't a corporation that fits Three Arrows Capital's definition in Dubai's national economic registry, there is a "Three Arrows" air conditioning company.
According to 3AC co-founder Kyle Davies, the business is committed to coming up with a solution that benefits everyone of its stakeholders equally. The fund was in control of more than $3 billion in cryptocurrency as of April.
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