Key Takeaways
- • 3iQ Middle East Ltd, the UAE-based sister company of digital asset manager 3iQ Corp, secured in-principle approval (IPA) for a Category 4 license from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM), according to a 3iQ press release distributed via PRNewswire.
- • The approval remains in the approval process and is not a completed authorization; ADGM said it will support 3iQ as it progresses through licensing.
- • The move follows 3iQ's strategic partnership with Further Asset Management and is tied to its QMAP digital asset managed account platform, which reportedly attracted $100 million in sovereign-linked seed capital.
- • 3iQ is a subsidiary of Coincheck Group N.V. (NASDAQ: CNCK) and is led in the Middle East by Rachel Pether, Head of Middle East.
Summary
3iQ Corp. announced via PRNewswire that its UAE-based sister company, 3iQ Middle East Ltd, has received in-principle approval for a Category 4 license from the FSRA of ADGM, the international financial centre of Abu Dhabi. The company described the approval as part of its effort to be regulated and present in all major global digital asset hubs. The release notes that the approval is still within the licensing process rather than representing a completed authorization.
The development follows a strategic partnership between 3iQ and Further Asset Management, a UAE-based digital asset investment manager. The release states that the partnership enables institutional investors to access digital assets through 3iQ's Digital Assets Managed Account Platform (QMAP), which it says attracted $100 million in sovereign-linked seed capital. Related announcements from the period describe AltNovel and Further partnerships with 3iQ to launch digital asset funds in the Middle East.
Pascal St-Jean, CEO of 3iQ and Coincheck Group, said the UAE has been a key digital asset hub with an advanced regulatory regime, and that 3iQ intends to establish a presence in the region starting with ADGM. Rachel Pether, Head of Middle East at 3iQ, who joined in 2023 after roughly a decade at Mubadala, said the company has a track record of attracting sovereign wealth and institutional capital. ADGM's Arvind Ramamurthy, Chief Market Development Officer, said the milestone reflects growing international interest in ADGM's digital asset ecosystem.
The release describes 3iQ as a Toronto-linked, Coincheck-owned manager founded in 2012 that launched the first Bitcoin and Ethereum ETPs listed on a major global exchange. Investment in digital assets carries a high degree of risk, and the company's disclaimer notes that the release is not investment advice.
The development follows a strategic partnership between 3iQ and Further Asset Management, a UAE-based digital asset investment manager. The release states that the partnership enables institutional investors to access digital assets through 3iQ's Digital Assets Managed Account Platform (QMAP), which it says attracted $100 million in sovereign-linked seed capital. Related announcements from the period describe AltNovel and Further partnerships with 3iQ to launch digital asset funds in the Middle East.
Pascal St-Jean, CEO of 3iQ and Coincheck Group, said the UAE has been a key digital asset hub with an advanced regulatory regime, and that 3iQ intends to establish a presence in the region starting with ADGM. Rachel Pether, Head of Middle East at 3iQ, who joined in 2023 after roughly a decade at Mubadala, said the company has a track record of attracting sovereign wealth and institutional capital. ADGM's Arvind Ramamurthy, Chief Market Development Officer, said the milestone reflects growing international interest in ADGM's digital asset ecosystem.
The release describes 3iQ as a Toronto-linked, Coincheck-owned manager founded in 2012 that launched the first Bitcoin and Ethereum ETPs listed on a major global exchange. Investment in digital assets carries a high degree of risk, and the company's disclaimer notes that the release is not investment advice.
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