Vienna-based Bitpanda, a prominent cryptocurrency exchange in Europe, says it has secured in-principle approval from Dubai regulatory authorities. The permission allows the exchange to enter the Dubai market legally, as long as it complies with stipulated guidelines.
VARA’s Approval and the Bitpanda Regional Ambitions
Notably, the Virtual Assets Regulatory Authority (VARA) in the United Arab Emirates (UAE) gave the green light within eight months of application. As per the update, VARA approved Bitpanda’s application after scrutinizing the company’s compliance actions.
Despite tagging the approval as “in-principle,” Bitpanda is sanctioned to provide certain specified services pending full license issuance. Users in the region can trade cryptocurrencies such as Bitcoin and Ethereum directly on the platform.
An update from Bitpanda pointed out that when fully licensed by the regulatory authorities, it would operate as Bitpanda Broker MENA DMCC. Bitpanda established its Dubai office at the DMCC Crypto Centre earlier this year. Upon unveiling the office, Bitpanda hired a team of regional experts to scale its operations in the area.
Dubai: A Strategic Launchpad for Crypto Growth
Bitpanda collaborated with some financial institutions, including the National Bank of Ras Al Khaimah (RAKBANK) to solidify its presence. It also partnered with CoinMENA, a leading licensed crypto platform. The partnerships remain critical to strengthening Bitpanda’s position and growth.
Bitpanda’s CEO and co-founder Eric Demuth emphasized that Dubai will serve as the exchange’s launchpad for international expansion. He claimed that Bitpanda has cemented its reputation already as the most trusted and regulated digital asset platform in Europe.
Demuth maintains that the exchange is now scaling this proven model globally, with Dubai and the UAE serving as a strategic entry point for international expansion. He assured Bitpanda that it remained uniquely positioned to seize opportunities as Europe’s leading crypto broker. Demuth said that it was sure of success as a top infrastructure provider in the digital assets space.
Dubai’s Growing Attraction for Digital Assets
Analysts say Dubai is proving to be a key region for crypto activities. Besides Bitpanda, another exchange, OKX, entered Dubai in October. OKX’s entry into the UAE market will be done with a local platform serving retail and institutional investors.
In October, Ripple also gained regulatory approval to explore Dubai’s market. Ripple currently offers its services from the Dubai International Financial Centre.
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