(Bloomberg) -- Crypto hedge fund Three Arrows Capital is planning to move its headquarters to Dubai from Singapore.
The move by Three Arrows comes as Dubai opens to crypto firms while Singapore has been more conservative with its regulatory approach. Co-founder Su Zhu confirmed the Dubai move to Bloomberg News. The news was reported earlier by CoinDesk.
Read more: Fund Manager Who Called End of Crypto Winter Is Still Bullish
Three Arrows is also organizing its first fund to take capital from outside investors, CoinDesk reported, citing sources.
Singapore aims to be a “responsible” global crypto hub, Monetary Authority of Singapore Managing Director Ravi Menon reaffirmed on Wednesday. Like many regulators around the world, the MAS is trying to strike a balance between nurturing the fast-growing industry and keeping it within a regulatory framework. The city-state's crypto licensing process has seen a small fraction of the roughly 170 applicants approved, and a recent directive not to market crypto products to the public caught some companies off guard.
The MAS didn't immediately respond to a request for comment on Three Arrows from Bloomberg News.
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