Animoca Brands announced it has received in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) of ADGM, the international financial center of Abu Dhabi, the Capital of the UAE, to operate as a regulated Fund Manager. Currently subject to the fulfillment of conditions and final regulatory approval, Animoca Brands will reportedly be authorized “to carry out the activity of Managing a Collective Investment Fund in or from the ADGM.”
Animoca Brands is a digital assets firm that is said to be building blockchain and tokenized assets to advance Web3 development. The company has integrated business pillars: Web3 businesses to advance blockchain adoption, digital asset advisory services, investment management, with “a portfolio of investments in more than 600 companies.”
Animoca Brands is in a process of expansion in the Middle East, where it has a presence in Dubai to support Web3 activity.
The IPA announced now marks a step forward in Animoca Brands’ strategy of building its institutional capabilities, “subject to applicable local approvals and licences.”
Omar Elassar, Managing Director for Middle East and Head of Global Strategic Partnerships at Animoca Brands, said that the UAE is “a growing hub for activity in Web3 and digital assets.”
This in-principle approval supports their regional strategy “to build regulated, institutional pathways for participation while continuing to partner with founders and enterprises across the ecosystem.”
Arvind Ramaurthy, Chief Market Development Officer, ADGM said that they acknowledge Animoca Brands on receiving their IPA, “a key step toward full Financial Services Permission.”
This achievement reportedly reflects their commitment to operating within ADGM’s ecosystem.
ADGM is focused on enabling businesses like Animoca to advance the adoption of blockchain and digital assets within a regulated environment.
As covered, Animoca Brands Corporation Limited is a global digital assets firm building blockchain and tokenized assets in order to advance the future of Web3 ecosystems.