Bitpanda Secures VARA In-Principle Approval for UAE Expansion

Bitpanda, a leading European digital asset platform, has reached a significant milestone in its journey toward global expansion by obtaining in-principle approval from the Virtual Assets Regulatory Authority (VARA) in the United Arab Emirates (UAE).

This achievement sets the stage for the company’s operations under the name Bitpanda Broker MENA DMCC, marking its first foray outside the European market.

Dubai’s growing prominence as a digital finance and innovation hub presents a strategic opportunity for Bitpanda to tap into the Middle East and North Africa (MENA) region’s burgeoning crypto market.

Bitpanda’s In-Principle Approval: Is UEA Growing Stronger?

While this milestone is a critical step, the road to full operational approval involves further measures, including setting up a fully operational office in Dubai, onboarding a regional management team, and implementing VARA-compliant infrastructure to support its services.

Eric Demuth, Co-Founder and CEO of Bitpanda, articulated the importance of this achievement, stating:

“In Europe, we have established ourselves 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.”

He continued;

“The opportunities are immense, and we are uniquely positioned to seize them as both Europe’s leading crypto broker and a top infrastructure provider in the digital assets space.”

VARA’s progressive regulatory framework emphasizes investor protection while fostering innovation, a balance that aligns seamlessly with Bitpanda’s compliance-first ethos.

Fabian Reinisch, General Counsel of Bitpanda, also remarked:

“Securing VARA’s in-principle approval in under eight months reflects the strength of VARA’s regulatory guidelines and our commitment to innovation and compliance.”

With this latest regulatory compliance move, Bitpanda will increase user trust and facilitate sustained growth in the MENA region.

Strategic Expansion into a Dynamic Region

Bitpanda’s entry into the UAE forms part of its broader strategy to establish a global footprint in the crypto space.

The opening of an office at the DMCC Crypto Centre in Dubai earlier this year laid the groundwork for this expansion.

Additionally, Bitpanda has forged strategic partnerships with key financial institutions, including The National Bank of Ras Al Khaimah (RAKBANK) and CoinMENA, a prominent licensed crypto platform in the UAE.

Dubai’s reputation as a forward-thinking hub for cryptocurrency and blockchain innovation was a major factor in Bitpanda’s decision to expand into the region.

Initiatives like the DMCC Crypto Centre and VARA’s regulatory framework make the UAE a magnet for digital finance innovators.

Demuth also expressed confidence in the UAE’s potential, noting:

“The UAE’s regulatory framework fosters innovation while prioritizing investor protection. These principles align perfectly with our mission to offer safe and trusted access to digital assets worldwide.”

Bitpanda’s expansion has also been described as a strategic move to bridge the gap between Europe’s regulatory rigor and the UAE’s dynamic market.

Bitpanda has been proactive in fostering innovation and collaboration as part of its global strategy.

Its partnership with Societe Generale Forge, the blockchain subsidiary of Societe Generale, is a notable example.

This collaboration focuses on advancing euro-denominated stablecoins, such as EUR CoinVertible (EURCV), as integral components of the global financial ecosystem.

Looking ahead, Bitpanda plans to roll out Bitpanda Fusion, a high-volume trading product launched last week for advanced traders.

This tool aggregates liquidity from major exchanges, catering to the needs of ambitious crypto traders in the MENA region.

With all these moves, Bitpanda is on to something for the UAE and beyond.

The post Bitpanda Secures VARA In-Principle Approval for UAE Expansion appeared first on Cryptonews.

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