Bitpanda, a European digital asset platform, has received in-principle permission from the Dubai-based Virtual Assets Regulatory Authority (VARA). This is Bitpanda’s first entry into the Middle East as part of its global expansion strategy.
Dubai’s status as a leading hub for digital finance and cryptocurrency innovation makes it an attractive location for Bitpanda’s expansion into the UAE. The clearance clears the way for Bitpanda to get its complete operational license, which will allow it to provide regulated cryptocurrency services in the region.
Bitpanda’s co-founder and CEO, Eric Demuth, stressed Dubai’s strategic importance, citing it as a springboard for the company’s global expansion. Bitpanda intends to harness Dubai’s developing regulatory framework to attract new users and foster trust throughout the UAE and abroad.
However, the permission is subject to certain limitations. Bitpanda must go through various procedures before receiving a full license. These include establishing a local office, hiring a regional management team, and ensuring that all operations comply with VARA’s compliance criteria.
Bitpanda’s entrance into Dubai demonstrates the city’s continued attempts to encourage bitcoin adoption through innovative policies. Bitpanda intends to build a regional office and collaborate with financial stakeholders, positioning it to play a vital role in defining the UAE’s crypto ecosystem.
The move strengthens Bitpanda’s expanding global reputation as a reliable digital asset platform. It also highlights the company’s dedication to providing secure and compliant crypto services while furthering its objective to promote the global use of digital assets.
Bitpanda joins a growing number of international cryptocurrency startups that see Dubai as a crucial participant in the future of digital finance.
