3iQ Middle East Ltd has received in-principle approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) for a Category 4 licence, advancing the Canadian digital-asset manager’s plan to establish a regulated Abu Dhabi operation alongside UAE-based investment manager Further.
Announced on Oct. 13, 2026, the approval would allow 3iQ Middle East to move through ADGM’s licensing process to advise on investments and arrange investment transactions, subject to the regulator’s remaining conditions. The company cannot begin conducting its proposed regulated activities until it receives final authorisation from the FSRA.
The move accompanies a strategic partnership with Further, through which the firms plan to provide institutional clients with access to digital assets via 3iQ’s Managed Account Platform, known as QMAP. According to 3iQ, the platform has attracted $100 million in seed capital linked to sovereign institutions.
Approval opens the path to an adgm operation
An in-principle approval is an early regulatory decision rather than an operating licence. It indicates that the FSRA is prepared to grant authorisation if the applicant meets the outstanding conditions attached to its application, which can include local operational setup, banking arrangements, compliance controls, governance procedures and staffing requirements.
For 3iQ, a Category 4 licence would cover advising on investments and arranging deals in investments. Those permissions would allow the firm to support clients making digital-asset investment decisions and to facilitate transactions, while clients retain authority over their own investment choices.
The approval does not give 3iQ Middle East the power to begin offering discretionary portfolio management, custody services or an exchange venue under the Category 4 permission described by the company. Its immediate role would be focused on advisory and arrangement activity within ADGM’s regulated framework.
Arvind Ramamurthy, chief market development officer at ADGM, said the in-principle approval marked a step in 3iQ’s licensing process with the FSRA. He added that ADGM has received growing interest from international firms seeking to operate in its digital-asset ecosystem.
ADGM has become a focal point for firms seeking a regulated base in the Gulf, with its FSRA operating a dedicated framework for virtual-asset activities. That structure gives global asset managers a route into the UAE market without relying solely on offshore entities or unregulated marketing arrangements.
Further partnership brings managed-account strategy to the uae
The proposed Abu Dhabi business is closely tied to 3iQ’s partnership with Further, a UAE-based digital-asset investment manager. The firms intend to use QMAP to offer institutional clients structured access to digital assets through managed-account arrangements.
Managed accounts can give institutions a more tailored format than a pooled fund, allowing mandates, risk limits and asset allocations to be set for individual clients. In digital assets, that flexibility may appeal to family offices, corporates and institutional allocators that want exposure but require reporting, mandate controls and regulated service providers.
3iQ said QMAP secured $100 million in sovereign-linked seed capital. The company did not present the funding as a broad market signal, but the commitment provides an initial capital base for the platform as it builds its Middle East presence.
Pascal St-Jean, chief executive of 3iQ and Coincheck Group, said the partnership with Further Asset Management and the firm’s planned ADGM operations formed part of 3iQ’s international expansion strategy. The company has said it aims to operate in major digital-asset jurisdictions through locally regulated entities.
St-Jean has also stated that the joint fund strategy is targeting annual returns of 12% to 15%. Such targets represent an objective rather than a guaranteed outcome, particularly in a market where asset prices, liquidity and regulatory conditions can change quickly.
Rachel Pether leads regional buildout
3iQ’s Middle East operation is led by Rachel Pether, the company’s head of Middle East. Pether joined 3iQ in 2023 after working for nearly a decade in the Capital Markets and Treasury team at Abu Dhabi-based Mubadala.
She later served as a senior adviser at SkyBridge Capital, adding experience across sovereign capital markets, institutional investment relationships and alternative assets. Her background places 3iQ’s regional push closer to the type of institutional networks it will need to develop if the FSRA grants final authorisation.
The company already has an established record in regulated digital-asset products in Canada, where it has managed regulated funds since 2017. Its product range includes Bitcoin and Ethereum exchange-traded funds listed on a major stock exchange, providing a track record in bringing crypto exposure into conventional investment wrappers.
That experience may help 3iQ address a central challenge in the UAE: translating products designed for public-market and institutional clients in Canada into structures that meet local regulatory expectations and fit the investment mandates of regional institutions.
Licensing puts compliance ahead of rollout
The in-principle approval signals intent and regulatory progress, but the operational test now shifts to execution. 3iQ Middle East must satisfy the FSRA’s conditions before it can formally advise clients or arrange transactions under the licence.
The firm will also need to demonstrate that its local controls match the risks associated with digital assets, including governance, client suitability, transaction monitoring and clear allocation of responsibility between 3iQ, Further and any external service providers.
For the partnership, the practical opportunity lies in giving regional institutions a regulated channel to assess and access digital assets through a managed-account model rather than direct token trading. Final authorisation would determine whether 3iQ can turn that proposal into an operating Abu Dhabi business.
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