Vienna-based cryptocurrency exchange Bitpanda has secured in-principle approval from Dubai regulatory authorities, paving the way for its entry into the region.
VARA's Approval and Bitpanda's Regional Ambitions
The Virtual Assets Regulatory Authority (VARA) in the UAE approved Bitpanda's application eight months after submission. Although the approval is termed 'in-principle,' Bitpanda can offer certain services until full licensing is obtained, allowing users in the region to trade cryptocurrencies such as Bitcoin and Ethereum. Once fully licensed, it will operate as Bitpanda Broker MENA DMCC. Earlier this year, Bitpanda opened its Dubai office in the DMCC Crypto Centre and hired regional experts to support its operations.
Dubai as a Strategic Launchpad for Crypto Growth
Bitpanda collaborates with financial institutions including the National Bank of Ras Al Khaimah (RAKBANK) and CoinMENA, a leading licensed crypto platform, to strengthen its presence.
Growing Attraction for Digital Assets in Dubai
Analysts say Dubai is evolving as a key hub for crypto activities. Besides Bitpanda, exchange OKX entered Dubai in October, and Ripple gained regulatory approval to extend services from the Dubai International Financial Centre.
With VARA's approval and strategic partnerships, Bitpanda is positioned as a key player in the UAE market, reinforcing its global standing in the digital assets sector.
