Bitpanda has been authorized to operate in Dubai by the Dubai Virtual Asset Regulatory Authority (VARA), making it eligible to enter into the United Arab Emirates’ growing market for digital assets. This move aligns with its global strategy to expand beyond Europe.
Bitpanda is the first European crypto firm to secure in-principle approval from Dubai’s VARA. Dubai, now a leading global hub for digital assets, continues to attract numerous crypto firms. The UAE’s progressive crypto regulations offer investors a secure and legitimate environment that fosters innovation.
The authorization of the crypto firm’s entry into the UAE space is key as it gets closer to offering a full range of services in a promising market. According to the firm’s co-founder and CEO Eric Demuth, Dubai is a strategic launchpad for its international expansion.
In Europe, we have built a reputation as the most trusted and regulated digital asset platform. Now, we are scaling this proven model globally, with Dubai and the UAE serving as our strategic launchpad for international expansion. The opportunities are immense, and we are uniquely positioned to seize them.
~Demuth
Bitpanda advances toward full approval in UAE’s crypto hub
Bitpanda’s approval for an in-principle operating license in the United Arab Emirates is a clear demonstration of its excellent compliance with UAE regulatory requirements.
Despite the clearance, the firm still requires complete compliance. The Austrian company must meet additional requirements before the authorities will fully approve it.
Dubai’s position as an emerging global home to digital assets motivates Bitpanda’s entry and establishment. The city has shown its readiness and willingness to foster crypto investments and innovations through initiatives like the DMCC Crypto Centre.
While entering the UAE crypto arena, the firm plans to install a fully functioning regional headquarters in Dubai. The firm hopes to collaborate with other financial players in the region.
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