Bitpanda, one of Europe’s leading cryptocurrency exchanges, has taken a significant step toward international expansion by securing in-principle approval from Dubai’s Virtual Assets Regulatory Authority (VARA). This milestone marks the company’s entry into the thriving UAE digital asset market under strict compliance with local regulations.
The approval comes after an extensive eight-month review process, during which VARA rigorously evaluated Bitpanda’s compliance measures. For now, the approval allows the platform to offer limited services, such as cryptocurrency trading, while it awaits the issuance of a full license. Once fully operational, Bitpanda will conduct its business under the name Bitpanda Broker MENA DMCC.
Strengthening Regional Footprint
Bitpanda’s expansion into Dubai is part of a broader strategy to establish a global presence. Earlier this year, the company opened its Dubai office at the DMCC Crypto Centre and onboarded a team of regional experts to drive operations. Strategic partnerships with key financial entities, including RAKBANK and CoinMENA, further underscore the company’s commitment to scaling its services in the region.
RAKBANK is teaming up with @Bitpanda_global Technology Solutions – a leading digital assets technology provider – to offer UAE residents the opportunity to pursue various digital assets use cases in a secure and efficient way.
— RAKBANK (@RAKBANKlive) August 19, 2024
When fully launched, RAKBANK customers will be… pic.twitter.com/DJkxgIM1id
Eric Demuth, Bitpanda’s CEO and co-founder, highlighted Dubai’s strategic importance for the company’s international ambitions:
“Dubai’s forward-thinking regulatory framework and its position as a global digital asset hub make it the ideal launchpad for our expansion. We aim to replicate our success in Europe by leveraging the immense opportunities the UAE offers.”
Dubai: A Global Digital Asset Hub
Dubai’s status as a global crypto hub has attracted numerous players in the digital asset industry. In October, OKX launched a tailored platform for the UAE market, while Ripple received regulatory approval to explore opportunities in Dubai’s financial ecosystem.
Bitpanda’s move into Dubai aligns with the emirate’s progressive approach to blockchain and cryptocurrency innovation. The exchange, founded in 2014 and headquartered in Vienna, Austria, has until now focused on Europe, offering a diverse range of digital assets, including cryptocurrency ETFs.
With the UAE’s robust regulatory framework and thriving crypto ecosystem, Bitpanda is well-positioned to leverage Dubai’s dynamic market as it sets its sights on global expansion.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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