Singapore-based crypto hedge fund Three Arrows Capital is planning to move its headquarters to Dubai, according to media reports.
The move comes as Dubai opens to crypto firms while Singapore has been more conservative with its regulatory approach, Bloomberg reported.
“The energy in Dubai’s digital asset industry is electric right now,” Three Arrows co-founder Su Zhu told CoinDesk, which initially reported the story. “We have decided to move our Three Arrows headquarters to Dubai and I’m looking forward to meeting more technology startups.”
In January, Singapore’s central bank warned crypto providers against marketing their services in public areas, TechInAsia reported, while Dubai’s low tax rates, pro-business and crypto-friendly policies have attracted a recent inflow of crypto firms.