Animoca Brands receives in-principle approval to operate funds in Abu Dhabi

Hong Kong-based blockchain company Animoca Brands said on the 24th that it has received in-principle approval (IPA) from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA) for authorization as a Fund Manager to operate collective investment funds.

This approval represents a step toward the final authorization (Financial Services Permission) that would allow Animoca Brands to carry out the activity of "Managing a Collective Investment Fund" within ADGM. Once conditions are met and final approval is granted, the company will be able to operate funds under formal regulatory supervision.

Omar Elassar, Executive Director and Head of Middle East at Animoca Brands, said, "The UAE is a region where web3 and digital asset activities are rapidly growing," adding, "this in-principle approval is part of the company's strategy to establish institutional participation pathways within a regulated environment."

Arvind Ramamurthy, ADGM Chief Market Development Officer (CMDO), said, "Animoca Brands' in-principle approval is a measure that demonstrates a commitment to regulatory compliance within ADGM's dynamic ecosystem," adding, "it will help expand the adoption of blockchain and digital assets in a transparent and regulated environment."

Meanwhile, Animoca Brands operates web3- and blockchain-based digital asset businesses and holds over 600 investment portfolios centered on three pillars: web3 services, digital asset advisory, and investment management. The company is expanding its regulated business footprint in Abu Dhabi following Dubai as part of its Middle East expansion.