Bitpanda will be the first European firm to confirm approval in principle of Dubai’s VARA.
Bitpanda has received proof-of-principle from Dubai Vara. Dubai is emerging as a global crypto hub with a supportive regulatory environment. Bitpanda plans to establish a regional headquarters in Dubai to expand globally.
Bitpanda, the leading European digital asset platform, has achieved a major milestone by receiving in-principle approval from the Dubai Virtual Asset Regulatory Authority (VARA).
This approval makes the Austrian company the first European crypto firm to enter Dubai's growing digital asset market.
Dubai has emerged as a crypto hub.
Dubai has emerged as a global hub of cryptocurrency and blockchain innovation, attracting leading companies from around the world. With a progressive regulatory framework, the United Arab Emirates (UAE) provides a safe and innovation-friendly environment for crypto businesses and investors.
Bitpanda's approval highlights compliance with the region's strict regulatory requirements, demonstrating the company's commitment to compliance and transparency.
Following the approval of the principle, Dubai will serve as Bitpanda's gateway to international markets, and plans are already underway to establish a fully operational regional headquarters in the city.
Bitpanda co-founder and CEO Eric DeMuz said Dubai's status as a crypto-friendly city and its ecosystem make it an ideal launch pad for the firm's global ambitions.
“We have built a reputation as the most trusted and regulated digital asset platform in Europe. Now, we are scaling this proven model globally, with Dubai and the UAE serving as our strategic launch pad for global expansion. The opportunities are immense, and we are uniquely positioned to seize them.” ” said Demuth.
Bitpanda still needs further approval for full license
Despite receiving in-principle approval, Bitpanda must meet additional regulatory requirements to obtain full approval to operate in the UAE.
However, the company's entry into Dubai signals its commitment to play a vital role in the region's crypto ecosystem, contributing to the city's position as a global leader in digital asset creation.
Bitpanda is set to strengthen its presence in one of the world's most promising crypto markets by planning to partner with other financial institutions in the UAE.
