Key Takeaways
- The approval allows the exchange company to operate in the UAE under the name Bitpanda Broker MENA DMCC, marking its first expansion outside of Europe.
- The company has already established an office in Dubai at the DMCC Crypto Centre
Leading European crypto firm, Bitpanda has secured in-principle approval from the Virtual Assets Regulatory Authority (VARA) in the United Arab Emirates (UAE). This approval allows the company to operate in the UAE under the name Bitpanda Broker MENA DMCC, marking its first expansion outside of Europe.
The UAE, particularly Dubai, has become a key location for crypto and digital asset firms, with its regulatory environment encouraging the growth of the sector. Bitpanda’s move to seek approval from VARA is part of its strategy to extend its operations beyond its European base. The company has already established an office in Dubai at the DMCC Crypto Centre, where it has been hiring local experts and forming partnerships with regional financial institutions and crypto platforms.
Bitpanda’s CEO and co-founder, Eric Demuth, highlighted that Dubai serves as a strategic launchpad for the company’s international expansion.
“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 – both as Europe’s leading crypto broker and as a top infrastructure provider in the digital assets space”, he said.
Bitpanda also intends to build on its European reputation as a regulated provider by offering services to investors in the UAE and the broader MENA region. As part of its efforts to cater to the growing demand for digital assets in the region, Bitpanda launched Bitpanda Fusion, a new product designed for high-volume and intra-day traders. The product integrates major exchanges to provide liquidity and competitive prices, targeting active traders in the UAE and surrounding markets.
The approval from VARA is seen as a significant step in Bitpanda’s expansion plans, though the company still needs to meet additional conditions before receiving full operational approval. These conditions could include setting up a local office in the UAE and integrating necessary compliance infrastructure in line with VARA’s regulatory requirements.
Dubai’s positioning as a global center for digital finance has played a key role in attracting cryptocurrency firms, and Bitpanda’s decision to expand into the market reflects this trend. Earlier this month, BitOasis, a major virtual asset platform in the Middle East and North Africa region, secured a full virtual asset service providers (VASP) license from Dubai’s VARA.
Bitpanda’s expansion into the UAE comes amid increasing efforts by the exchange to strengthen its position in the digital asset market, including partnerships with global institutions like Societe Generale. The partnership, announced earlier this year, aims to promote the adoption of stablecoins within global financial systems.
