Animoca Brands receives in-principle approval from ADGM’s FSRA

FINTECH GATE: MUSTAFA EID

Animoca Brands today 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. Subject to the fulfillment of conditions and final regulatory approval, Animoca Brands will be authorized to carry out the activity of Managing a Collective Investment Fund in or from the ADGM.

Animoca Brands is a global digital assets leader building blockchain and tokenized assets to advance the future of Web3 innovation. The company has three integrated business pillars: Web3 businesses to advance blockchain adoption, digital asset advisory services, and investment management, with a portfolio of investments in over 600 companies.

Animoca Brands is in a process of expansion in the Middle East, where it already has a presence in Dubai to support Web3 activity in the region. The IPA announced today marks a step forward in Animoca Brands’ strategy of building up its institutional capabilities and regulated footprint around the world, subject to applicable local approvals and licences.

Omar Elassar, Managing Director for Middle East and Head of Global Strategic Partnerships at Animoca Brands, said: “The UAE is a growing hub for activity in Web3 and digital assets. This in-principle approval supports our 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, “We congratulate Animoca Brands on receiving their IPA, a key step toward full Financial Services Permission. This achievement reflects their commitment to operating within ADGM’s dynamic ecosystem. ADGM is dedicated to enabling businesses like Animoca to advance the adoption of blockchain and digital assets within a trusted, transparent, and well-regulated environment”.