Bitpanda receives VARA approval to expand into the UAE, setting the stage for full operations with local partnerships and compliance.
Bitpanda, Europe’s leading regulated cryptocurrency platform, is taking a significant step toward expanding globally. The company has received in-principle approval from the Virtual Assets Regulatory Authority (VARA) in Dubai.
This approval takes Bitpanda closer to commencing its operations in the UAE under the entity, Bitpanda Broker MENA DMCC. However, Bitpanda has yet to obtain a full operating license to commence its operations in the region fully.
The approval happened within eight months of its application to Bitpanda. It underscores the company’s focus on innovation and regulation of the digital asset business. The approval is also a significant win for Bitpanda, which will be the firm’s first foray outside of the European market. This move supports the company’s vision of being among the most respected international organizations in the world of cryptocurrencies.
Bitpanda Prepares for UAE Launch with Strong Regional Team and Partnerships
Bitpanda has already started preparing for its regional operations, which will happen soon. The firm is based in Dubai at the DMCC Crypto Centre. Furthermore, Bitpanda has managed to establish a strong team of local professionals and has signed cooperation agreements with the most important financial institutions in the area. These include RAKBANK and CoinMENA, which is a licensed UAE crypto exchange.
Co-founder and CEO of Bitpanda, Eric Demuth, said he was thrilled at the prospects of expansion. He explained that Bitpanda has established itself as a reliable and legal company in Europe and therefore is quite popular. He also added that Dubai has tremendous potential, and Bitpanda is set and prepared to seize those opportunities.
The legal framework in the UAE was one of the reasons for the decision. The regulation of VARA focuses on innovation while at the same time protecting the interests of investors. This perfectly fits into Bitpada’s goals and vision, as well as its core values. The approval was also echoed by Fabian Reinisch, the General Counsel at Bitpanda, who pointed out that the approval demonstrates Dubai’s sound and healthy regulatory environment and Bitpanda’s compliance.
The company is planning to provide full-service solutions for digital assets once it obtains its license. It will also cover new trading models and structures for institutions and individuals. This expansion to Dubai shows that Bitpanda is ready to spearhead the global charge of legal crypto assets. This move will help the company set new benchmarks for compliance and innovation in the digital asset space.
