According to Foresight News, venture capital management firm Token Bay Capital has received preliminary approval from the United Arab Emirates' Financial Services Regulatory Authority (FSRA). This approval allows the firm to invest in equity and tokens of cryptocurrency startups in the Abu Dhabi Global Market (ADGM).
In addition to Abu Dhabi, Token Bay also has an office in Hong Kong and is strategically positioned in digital asset centers in the Middle East and Asia. This move signifies the firm's commitment to expanding its operations and influence in the growing field of digital assets and cryptocurrency startups.
The preliminary approval from FSRA is a significant milestone for Token Bay Capital, as it opens up new opportunities for the firm in the ADGM. This will enable the firm to contribute to the growth and development of cryptocurrency startups in the region, further strengthening its position in the digital asset market.