Toronto – October 12, 2026 -- 3iQ Middle East Ltd, the UAE-based sister company of digital asset manager 3iQ Corp., has secured In-Principal Approval (IPA) for a Category 4 license from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM).
The IPA is an interim step, and 3iQ must still complete the licensing process. ADGM's Chief Market Development Officer, Arvind Ramamurthy, said the regulator looks forward to supporting 3iQ as it progresses through that process.
3iQ ties the approval to a plan for licensed presence in all major digital asset hubs
The company said the IPA is part of its aim to be regulated and present in all major digital asset hubs globally. That would make its investment offering accessible to accredited investors worldwide, including the first Bitcoin and Ethereum ETFs listed on a major stock exchange.
The approval follows 3iQ's strategic partnership with Further, a UAE-based digital asset investment manager. The partnership gives institutional investors access to digital assets through 3iQ's Managed Account Platform (QMAP). QMAP attracted $100 million in sovereign-linked seed capital.
Former Mubadala treasury executive Rachel Pether leads 3iQ's Middle East push
Rachel Pether, Head of Middle East, joined 3iQ in 2023 and has led its regional presence since. She spent almost a decade in the Capital Markets & Treasury team at Abu Dhabi sovereign investor Mubadala. She was previously a senior advisor for SkyBridge Capital.
Pether said the approval followed constructive collaboration with ADGM's regulator. She added that 3iQ has pursued regional leadership since establishing its UAE footprint in 2023, citing its track record of attracting sovereign wealth and institutional capital to digital assets.
Coincheck Group CEO Pascal St-Jean names Abu Dhabi as the starting point for regional expansion
Pascal St-Jean, CEO of 3iQ and Coincheck Group, said 3iQ has long viewed the UAE as a key digital asset hub with an advanced regulatory regime that protects investors. He said 3iQ aims to cement its regional presence, starting with ADGM, alongside its partnership with Further Asset Management.
Ramamurthy said the milestone reflects growing interest from international firms in ADGM's digital asset ecosystem. 3iQ is a subsidiary of Coincheck Group N.V. (NASDAQ: CNCK).