Nine Blocks Relocates HQ to Dubai, First Crypto Hedge Fund to Obtain VASP License from VARA
Nine Blocks Capital Management has become the first crypto hedge fund to obtain a Virtual Asset Management and Investment Services license from Dubai’s Virtual Assets Regulatory Authority (VARA), the company announced in a press release Monday.
Established in February 2022, the Dubai Virtual Assets Regulatory Authority serves as a regulating entity overseeing cryptocurrency activity across the city of Dubai. Alongside their historic licensing announcement, Nine Blocks also announced that they would be moving their headquarters to the emerging global crypto hub.
“The Nine Blocks group was set-up in 2021 with the belief that institutional investors want digital assets exposure via fund managers who have established digital assets track record, are regulated, have traditional finance experience and comply with the highest operational due diligence requirements,” the company’s press release said in part.
Nine Blocks’ announcement of relocation is just the latest in a series of crypto-related businesses opening up shop in the city of gold.
Earlier this month, crypto.com obtained its Virtual Assets Service Provider license (VASP) under VARA.
“Dubai continues to show it is a leading market when designing effective regulation for the crypto space while still supporting adoption and innovation,” said Kris Marszalek, CEO of Crypto.com.
According to data from Chainalysis, The Middle East and North Africa boast nearly 7.2% of global transaction volume, with the region receiving over $389.8 billion in yearly on-chain value.
Kraken, OKX, and Binance have all established a presence in Dubai as well. Moreover, in June, Binance became the first digital asset exchange to acquire an Operation Minimum Viable Product (MVP) under VARA.
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