ABU DHABI (ALETIHAD)

Global digital asset investment manager 3iQ has received in-principle approval for a Category 4 licence from the Financial Services Regulatory Authority (FSRA) of ADGM, the company said in a statement on Monday.

The approval was granted to 3iQ Middle East Ltd, the UAE-based sister company of 3iQ Corp., marking a step towards establishing a regulated presence in Abu Dhabi's international financial centre.

The in-principle approval is a preliminary regulatory clearance, with the company required to complete the remaining licensing process before receiving its final authorisation.

The development follows 3iQ's strategic partnership with UAE-based investment firm Further, announced in October 2025, to launch a digital asset multi-strategy hedge fund targeting institutional and sophisticated investors.

The partnership enables institutional investors to access digital assets through 3iQ's Digital Assets Managed Account Platform (QMAP), which has attracted $100 million in sovereign-linked seed capital, according to the statement.

3iQ said the approval forms part of its strategy to establish regulated operations in major digital asset centres globally and make its investment management services accessible to accredited investors.

Pascal St-Jean, CEO of 3iQ and Coincheck Group, said the company considers the UAE an important market for digital asset investment.

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

“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 ADGM,” he added.

The company's Middle East operations are led by Rachel Pether, Head of Middle East at 3iQ, who joined the firm in 2023. She previously spent almost a decade with Abu Dhabi sovereign investor Mubadala in its Capital Markets and Treasury team and served as a senior adviser to SkyBridge Capital.

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

“Ever since 2023 when we established a footprint in the UAE, 3iQ has taken steps towards becoming the leader in the region with our proven track record of attracting sovereign wealth and institutional capital to digital assets,” she added.

Arvind Ramamurthy, Chief Market Development Officer at ADGM, welcomed the regulatory development.

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

“This milestone reflects the increasing interest from international firms in ADGM's dynamic digital asset ecosystem, underpinned by a progressive regulatory framework and a growing community of global and regional market participants. 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,” he added.

Under the partnership announced last year, 3iQ and Further plan to combine their investment management capabilities and institutional networks to provide risk-managed exposure to digital assets.

The proposed multi-strategy hedge fund is designed to address concerns associated with digital asset investments, including custody, operational complexity and market volatility, according to the October 2025 announcement.

Founded in 2012, 3iQ specialises in institutional digital asset investment products and has developed exchange-traded products linked to cryptocurrencies, including Bitcoin and Ethereum.

The company is a subsidiary of Coincheck Group N.V., a Nasdaq-listed holding company based in the Netherlands.