Europe’s leading regulated crypto platform is making big moves by expanding into the UAE.
The company has just bagged an in-principle approval from the Virtual Assets Regulatory Authority, the VARA in Dubai.
Not full licence, but still a big deal
This approval is an imporant milestone for Bitpanda as it prepares to launch, but they still need to secure a full operating license before they can fully kick off their services in the UAE.
Bitpanda received this approval just eight months after submitting their application, showcasing their commitment to innovation and regulation in the crypto sector.
And what is makes this more exraordinary, this is Bitpanda’s first venture outside of Europe and aligns with their goal of becoming a respected player on the global cryptocurrency stage.
The company is already gearing up for its UAE launch, setting up shop at the DMCC Crypto Centre in Dubai.
They’ve built a strong local team and formed partnerships with key financial institutions, including RAKBANK and CoinMENA, a licensed crypto exchange in the UAE.
Why the UAE?
Co-founder and CEO Eric Demuth expressed his excitement about expanding into Dubai, revealing its vast potential for the company, and the whole crypto industry.
He shared that Bitpanda already established itself as a reliable and compliant company in Europe, making it well-positioned to seize opportunities in this new market.
One of the main reasons Bitpanda chose to expand into the UAE is due to its favorable, business-friendly legal framework, as VARA’s regulations focus on supporting innovation while also protecting investors, instead of regulating the sector with force.
This is an approach that fits perfectly with Bitpanda’s values. Fabian Reinisch, Bitpanda’s General Counsel, reinforced this sentiment, telling that the approval reflects both Dubai’s solid regulatory environment and Bitpanda’s commitment to compliance.
Countdown
Once they secure their full license, Bitpanda plans to roll out comprehensive solutions for digital assets, including new trading models for both individuals and institutions, so the full package.
This expansion into Dubai positions Bitpanda as a leader in promoting legal crypto assets and more importantly, to make a splash in the Middle East’s crypto industry.
