According to Bloomberg, cryptocurrency hedge fund Three Arrows Capital plans to relocate its headquarters from Singapore to Dubai.

A possible move to the agency was confirmed by the co-founder of the Su Zhu company.

“The energy in the digital asset industry in Dubai is now electrified. We’ve decided to relocate Three Arrows headquarters and I look forward to meeting new tech startups, Zhu told CoinDesk.

According to the publication, the firm is also establishing the initial fund to raise capital from outside investors. Zhu and Kyle Davis founded Three Arrows in 2012 to invest in high-risk assets.

According to the site, hedge fund BlockFi owns stakes in Deribit, Fireblocks crypto projects, Bitcoin, Ethereum, Polkadot, Solana, and others. The company has funded a number of DeFi projects, including Aave, Balancer, and Trader Joe’s.

In March, Dubai authorities passed a law on virtual assets and established a regulatory agency.

That same month, bitcoin exchanges FTX and Binance were licensed in the emirate. In December 2021, the latter withdrew its application to the Monetary Authority of Singapore (MAS) for permission for a local branch.

According to MAS Managing Director Ravi Menon, Singapore aims to become a “responsible” crypto hub.

Of the approximately 170 companies that applied in this country, only a small fraction were licensed to provide services related to cryptocurrencies and other digital assets. Among them was the American company Paxos.

In January 2022, MAS effectively banned the advertising of industry companies’ services and products, surprising market participants. For example, the regulator’s decision forced bitcoin ATM operators in the country to shut down the devices.

Recall that in October 2021, the founder and CEO of Binance, Changpeng Zhao, owned real estate in Dubai, and the media allowed the opening of the exchange headquarters in the emirate.