Nine Blocks Capital Management is claiming bragging rights for being the first cryptocurrencyhedge fund to be granted a license under Dubai's Virtual Assets Regulatory Authority (VARA)The hedge fund also said Monday it's making Dubai its global headquarters.

Seemingly a million miles from the murk and uncertainty of U.s. regulation, a flourishingcommunity of crypto businesses has taken root in Dubai, thanks to a comprehensive rulebookthat addresses everything from issuance and exchange services to advertising.

"l think what's interesting is that VARA has really created an ecosystem for crypto in Dubai,"Nine Blocks co-founder Henri Arslanian said in an interview. "Many of our hedge fund'scounterparties are one minute walk away from my ofice. Everybody is in this one squarekilometer, which makes it easy to meet up, have conversations and generally enables a goodexchange of information."

Nine Blocks follows a market-neutral trading strategy, profiting from arbitrage opportunities andmarket inefficiencies across the crypto space.

Source: CoinDesk