3iQ Receives Initial Approval from Abu Dhabi's Financial Authority for Digital Assets

3iQ Receives Initial Approval from Abu Dhabi's Financial Authority

3iQ Corp., a prominent player in the digital asset investment realm, has announced a significant milestone by obtaining an In-Principle Approval (IPA) for a Category 4 license from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM). This regulatory nod marks an important step in the company’s strategy to solidify its presence in major digital asset hubs worldwide.

Based in the United Arab Emirates (UAE), 3iQ’s sister company, 3iQ Middle East Ltd., is at the forefront of this development. The IPA follows the recent strategic partnership with Further, a local asset manager specializing in digital assets. This collaboration allows institutional investors to access digital assets via 3iQ's Managed Account Platform (QMAP), which has already attracted initial state capital investments totaling $100 million.

The achievement of this IPA is integral to 3iQ’s mission of becoming recognized and regulated in significant global digital asset centers. The company is known for pioneering the first Bitcoin and Ethereum Exchange-Traded Funds (ETFs) listed on major stock exchanges, which have reshaped the landscape of digital asset investment.

Rachel Pether, Head of Middle East at 3iQ, is leading the company's efforts in the region. Since joining in 2023, Rachel has emerged as a key figure in the UAE's financial sector. Her extensive background includes nearly ten years at Mubadala, a state-owned investment fund in Abu Dhabi, followed by a role as Senior Advisor at SkyBridge Capital.

Pascal St-Jean, CEO of 3iQ and the Coincheck Group, expressed his enthusiasm regarding the UAE's potential as a pivotal hub for digital assets, praising its advanced regulatory framework aimed at safeguarding investors. He stated that the company looks forward to solidifying its regional presence, starting with the Abu Dhabi Global Market.

Rachel Pether remarked on the collaborative efforts with ADGM's proactive regulators, emphasizing the promising trajectory for 3iQ since establishing its footprint in the UAE. The company aims to solidify its status as a market leader in the region by leveraging its proven track record in attracting state and institutional capital for digital assets.

Arvind Ramamurthy, Chief Market Development Officer at the ADGM, congratulated 3iQ on receiving the IPA, highlighting it as a crucial development in building a regulated presence within the ADGM. He noted that this milestone symbolizes the growing interest of international entities in the dynamic digital asset ecosystem fostered by ADGM, supported by a cutting-edge regulatory framework and an expanding community of global and regional participants.

As 3iQ moves forward, it seeks to navigate the licensing process effectively and contribute to the burgeoning digital asset ecosystem in Abu Dhabi. This development not only accentuates the growing acceptance and regulation of digital assets in the financial world, but also reinforces 3iQ's commitment to providing innovative investment solutions that meet the evolving needs of accredited investors worldwide. The digital future looks promising for 3iQ as it embarks on this new chapter in the Middle East.