3iQ Middle East Gets In-Principle Approval from ADGM FSRA

3iQ Middle East Ltd, the UAE-based sister company of digital asset investment manager 3iQ Corp, has secured In-Principle Approval (IPA) for a Category 4 licence from the FSRA of Abu Dhabi Global Market (ADGM). According to 3iQ, the approval is part of its aim to be regulated and present in all the major digital asset hubs globally.

The IPA follows 3iQ’s strategic partnership with Further, a UAE-based digital asset investment manager. The company says the partnership enables institutional investors to access digital assets via 3iQ’s Managed Account Platform (QMAP), which it says attracted $100 million in sovereign-linked seed capital.

3iQ’s Middle East presence is led by Rachel Pether, Head of Middle East, who joined the firm in 2023; she previously spent almost a decade in the Capital Markets & Treasury team at Abu Dhabi sovereign investor Mubadala and was a senior adviser to SkyBridge Capital.

Pascal St-Jean, CEO of 3iQ and Coincheck Group, said: “3iQ has been a huge believer in the UAE as a key digital asset hub with an advanced regulatory regime that protects investors. As a first mover in the provision of innovative digital asset investment solutions, and along with our partnership with Further Asset Management, 3iQ looks forward to cementing a presence in the region, starting with the Abu Dhabi Global Market.”

Pether said: “This is an exciting development for 3iQ and has materialised following constructive collaboration with the ADGM’s proactive regulator.”

Arvind Ramamurthy, Chief Market Development Officer at ADGM, said: “We congratulate 3iQ on receiving its IPA from the FSRA, an important step in its journey to establishing a regulated presence in ADGM.”

Founded in 2012, 3iQ is a subsidiary of Coincheck Group N.V., which is listed on Nasdaq. The company says it was the first to launch a Bitcoin and Ethereum ETP listed on a major global stock exchange.