Bitpanda, a European crypto platform, has obtained in-principle approval from the Virtual Assets Regulatory Authority (VARA) in the United Arab Emirates (UAE).
This was achieved in less than eight months after submission. Once fully licensed, Bitpanda will operate as Bitpanda Broker MENA DMCC, marking its first official expansion outside Europe.
Bitpanda Expands Beyond Europe
According to the firm, the approval reflects Bitpanda's strategy to grow beyond Europe and establish itself in the global digital asset market. The UAE has become a notable hub for cryptocurrency trading and digital finance.
“In Europe, we have built a reputation as the most trusted and regulated digital asset platform,” Eric Demuth, Co-Founder and CEO of Bitpanda, commented.
“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—both as Europe’s leading crypto broker and as a top infrastructure provider in the digital assets space.”
@Bitpanda_global has secured an in-principle approval from the Virtual Assets Regulatory Authority (#VARA) in #Dubai!This milestone paves the way for Bitpanda's official launch in the #UAE under Bitpanda Broker MENA #DMCC.With this approval coming in under eight months,… pic.twitter.com/KJKqhqpYcH
— Unlock Blockchain (@unlockbc) December 16, 2024
Launching Fusion, Targeting MENA
Earlier this year, Bitpanda set up an office in Dubai at the DMCC Crypto Centre. It has since hired regional experts and formed partnerships with financial institutions and crypto platforms. Bitpanda aims to build on its reputation as a regulated platform in Europe to serve investors in the UAE and the broader MENA region.
Last week, Bitpanda launched Bitpanda Fusion, a product tailored for high-volume and intra-day traders. This tool integrates major exchanges to offer maximum liquidity and competitive prices, targeting active traders in the region.
Fabian Reinisch, General Counsel of Bitpanda, added: “Securing VARA’s in-principle approval in under eight months reflects the strength of VARA’s progressive regulatory framework and Bitpanda’s steadfast commitment to compliance and innovation.”
This article was written by Tareq Sikder at www.financemagnates.com.
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