coindesk.com
Big Four accounting firm PwC's crypto head has left his role at the firm to set up a $75 million digital asset fund in Dubai, the Financial Times reported Thursday.
Henri Arslanian's new fund, Nine Blocks Capital Management, has been granted provisional regulatory approval in the Gulf city, according to the report.
The fund has received $75 million from its main backer, Nine Masts Capital, a Hong Kong-based hedge fund.
Arslanian, who will stay at PwC as a senior adviser, cited ease of travel and Dubai's supportive regulatory environment for crypto firms as the reason for choosing it to establish a digital asset fund.
Hong Kong would have been a "natural home," he said, but it still requires mandatory quarantine for most international travelers. He also considered Singapore.
There has been a spate of crypto companies securing licenses in Dubai in recent months, including Binance, OKX and FTX, with Kraken being granted a license in Abu Dhabi.
Read more: Fund Manager Fintonia Group Receives Provisional Virtual Assets License in Dubai