Bitpanda becomes first European firm to secure Dubai VARA in-principle approval

Bitpanda has secured in-principle approval from Dubai VARA.
Dubai is emerging as a global crypto hub with a supportive regulatory environment.
Bitpanda plans to establish a regional headquarters in Dubai to expand globally.

Bitpanda, a prominent European digital asset platform, has achieved a significant milestone by securing in-principle approval from the Dubai Virtual Asset Regulatory Authority (VARA).

This approval positions the Austrian company as the first European crypto firm to gain entry into Dubai’s burgeoning digital asset market.

Dubai emerging as a crypto hub

Dubai has emerged as a global cryptocurrency and blockchain innovation hub, attracting leading firms worldwide. With its progressive regulatory framework, the United Arab Emirates (UAE) offers a secure and innovation-friendly environment for crypto businesses and investors.

Bitpanda’s approval underlines its adherence to the region’s stringent regulatory requirements, reflecting the firm’s commitment to compliance and transparency.

Following the in-principle approval, Dubai will serve as Bitpanda’s gateway to global markets, and plans are already underway to establish a fully operational regional headquarters in the city.

According to Eric Demuth, co-founder and CEO of Bitpanda, Dubai’s status as a crypto-friendly city and its vibrant ecosystem make it an ideal launchpad for the firm’s international ambitions.

“In Europe, we have built a reputation as the most trusted and regulated digital asset platform. Now, we are scaling this proven model globally, with Dubai and the UAE serving as our strategic launchpad for international expansion. The opportunities are immense, and we are uniquely positioned to seize them,” Demuth said.

Bitpanda still requires additional approval for full authorization

Despite receiving in-principle approval, Bitpanda must fulfil additional regulatory requirements to achieve full authorization to operate in the UAE.

Nevertheless, the company’s entry into Dubai signifies its commitment to playing a pivotal role in the region’s crypto ecosystem, contributing to the city’s reputation as a global leader in digital asset innovation.

With plans to collaborate with other financial entities in the UAE, Bitpanda is poised to solidify its presence in one of the world’s most promising crypto markets.