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Token Bay Capital Receives In-Principle Approval To Invest In Tokens in Abu Dhabi

Lucy Gazmararian, Founder & Managing Partner, Token Bay Capital
Lucy Gazmararian, Founder & Managing Partner, Token Bay Capital

Token Bay Capital Limited is expanding its venture capital presence in Abu Dhabi, UAE and has been granted an in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) to carry out regulated activities in the ADGM.

Subject to final regulatory approval for the grant of the Financial Services Permission (FSP), Token Bay aims to bring niche capabilities to manage both token and equity investments in early-stage crypto startups under the FSRA’s Venture Capital Fund Manager (VCFM) framework.

Founded in 2021 by Managing Partner Lucy Gazmararian, Token Bay is a crypto venture capital firm that invests in startups building next-generation blockchain infrastructure and decentralized applications for Web3. Building on its first fund, Token Bay is now launching its second fund and will continue to back entrepreneurs building infrastructure solutions for the new token economy. In addition to Abu Dhabi, Token Bay also has offices in Hong Kong, and is strategically positioned across digital assets hubs in both the Middle East and Asia.

Commenting on the in-principle approval, Lucy Gazmararian said: “This marks the first phase of global expansion for Token Bay, and we’re excited to have been granted the IPA in ADGM for venture capital investment in tokens as well as in equity. Blockchain technology has the potential to drive innovation through tokenization, and as blockchain networks continue to evolve, it is important that as venture capitalists we are fully equipped to support talented founders building in Web3 by directly participating in these networks and taking an ownership stake through tokens. We extend our sincerest thanks to the regulator for their forward-thinking approach and open dialogue so that we were able to reach this important milestone and establish Token Bay in one of the world’s leading international financial centres and digital assets hub.