Dubai Virtual Asset Regulatory Authority has granted the approval in principle for Bitpanda’s entry into United Arab Emirates market. The company is now permitted to work in Dubai’s digital asset market and to broaden beyond Europe.
With its progressive first step towards regulating cryptocurrency and blockchain innovation. Dubai has become a global hub for cryptocurrency and blockchain innovators. Bitpanda, the company already a regulated digital asset provider, uses Dubai as a strategic launchpad for its international growth.
Dubai becomes Bitpanda’s launchpad for global expansion
The UAE’s forward-thinking crypto regulations give investors a safe and secure investment environment. The company stated that Bitpanda is the first European crypto company to secure in-principal approval from VARA. Having all the work it is, it is a milestone for the company to be able to offer all of its services in a promising new market.
Bitpanda co-founder and CEO Eric Demuth emphasized the significance of this achievement, stating:
In Europe, we have established ourselves 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 company has also taken some large steps to prepare for its operations in Dubai. In the meantime, it recently opened an office at the DMCC Crypto Centre, the first step of its regional presence. At the same time, it has also partnered with leading financial institutions in the UAE, such as the National Bank of Ras Al Khaimah (RAKBANK) and CoinMENA, a licensed crypto platform in the UAE.
Bitpanda Strengthens global Presence with UAE expansion
The in-principle approval means progress and operational authorization depend on additional regulatory conditions that Bitpanda must meet. These include setting up an office, hiring a local team and making sure it has VARA-compliant systems.
As Bitpanda looks to impact many jurisdictions, the UAE’s emphasis on innovation, as seen with the DMCC Crypto Centre and VARA’s regulatory framework, are all projects that support Bitpanda’s global aspirations.
Crypto adoption in Dubai is increasing, and coupled with a lot of investor confidence, the region is an ideal place to enter the digital asset platform space. However, Bitpanda’s entrance into Dubai adds to the company’s confidence in building a global crypto footprint as a trusted, regulated platform.
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