Crypto staking specialist Northstake is looking to expand into the UAE, Blockworks reported. The company has received preliminary approval from Dubai's Virtual Asset Regulatory Authority (VARA), the first step toward obtaining a Virtual Asset Service Provider (VASP) license. Such a license would allow the Denmark-based company to offer crypto custody services, such as custodial staking, to institutional investors in the UAE. Northstake ultimately hopes to use the UAE as a "strategic base" to examine expansion options. Jesper Johansen, CEO of Northstake, said the UAE is "becoming a global leader in virtual assets." Crypto companies' interest in Dubai increased after the establishment of VARA in March 2022. According to a September report by Chainalysis, institutional investments of more than $1 million accounted for about two-thirds of crypto transactions in the UAE from July 2022 to June 2023. Northstake is the latest crypto company to enter the region.
