3iQ Middle East Ltd has received in-principle approval (IPA) for a Category 4 licence from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM).

The UAE-based firm is a sister company of Toronto-based digital asset manager 3iQ Corp.

ADGM said the approval is a step towards establishing a regulated presence in the financial centre, as the firm continues through the licensing process.

It added that the milestone reflects increasing interest from international firms in its digital asset market.

The IPA follows the announcement of 3iQ’s strategic partnership with Further, a UAE-based digital asset investment manager.

Under the partnership, institutional investors can access digital assets through 3iQ’s Managed Account Platform (QMAP).

In its statement, 3iQ said it aims to be regulated and present in all major digital asset hubs, so that accredited investors around the world can access its investment management offering.

Rachel Pether, Head of Middle East, leads 3iQ’s presence in the region.

Before joining the firm in 2023, she spent almost a decade in the Capital Markets and Treasury team at Abu Dhabi sovereign investor Mubadala. She was previously a senior advisor for SkyBridge Capital.

“3iQ has been a huge believer in the UAE as a key digital asset hub with an advanced regulatory regime that protects investors,”

said Pascal St-Jean, CEO at 3iQ and Coincheck Group.

“We look forward to supporting 3iQ as it progresses through the licensing process and seeks to contribute to Abu Dhabi’s growing digital asset ecosystem,”

said Arvind Ramamurthy, Chief Market Development Officer at ADGM.

Featured image: Edited by Fintech News UAE, based on image by Magnific.