Dubai is weighing significant changes to its rules governing money managers to further burnish the city’s credentials as an emerging hub for hedge funds, Bloomberg News reported. The Dubai Financial Services Authority is undergoing a sweeping review of its slate of regulations with the goal of removing unnecessary regulatory burden and lowering barriers to entry, according to a spokesperson for the agency. The DFSA regulates the Dubai International Financial Centre, a hub for many fund managers. Already, the agency has proposed cutting minimum capital thresholds for some money managers.
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United Arab Emirates
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The question of who owns the European unit of Sam Bankman-Fried’s former crypto enterprise appeared to be settled: Dubai-based Backpack Exchange said that it had purchased FTX EU after months of wrangling, Bloomberg News reported. Backpack, a crypto trading platform founded by one-time employees of Bankman-Fried’s FTX and Alameda Research businesses, said the $32.7 million acquisition would expand its derivatives offerings in the region. But according to the US-based FTX estate, the ownership situation is less clear.
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