PwC Crypto Head Departs to Set Up $75M Digital Asset Fund in Dubai: Report

Big Four accounting firm PwC's crypto head has left that 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.

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