In a significant development in the world of cryptocurrency, Nine Blocks Capital Management, a crypto hedge fund, has successfully obtained a digital assets license in Dubai. This move marks a significant milestone for the firm, which has also chosen Dubai as its global headquarters.
The fund was set up by Henri Arslanian, the former head of crypto at PwC. Arslanian’s decision to establish the fund in Dubai was influenced by the city’s supportive regulatory environment for crypto firms. He also cited the ease of travel as a key factor in his decision.
Nine Blocks Capital Management has been granted provisional regulatory approval in the Gulf city. The fund has received a substantial backing of $75 million from its main backer, Nine Masts Capital, a Hong Kong-based hedge fund.
Arslanian’s departure from PwC to set up a digital asset fund in Dubai is a significant move in the crypto industry. Despite Hong Kong being a “natural home” for such a venture, the city’s mandatory quarantine for most international travelers made it less appealing. Singapore was also considered as a potential location.
This development comes amidst a surge of crypto companies securing licenses in Dubai. Major players like Binance, OKX, and Kraken have already established their presence in the city, with Kraken also being granted a license in Abu Dhabi.
The establishment of Nine Blocks Capital Management in Dubai is a testament to the city’s growing appeal as a hub for digital asset businesses. The city’s supportive regulatory environment, coupled with its strategic location, makes it an attractive destination for crypto firms.
