Bitpanda Secures In-Principle Approval from Dubai’s VARA, Eyes Strategic Expansion
Bitpanda, a leading European cryptocurrency exchange, has achieved a significant milestone by obtaining in-principle approval from Dubai’s Virtual Assets Regulatory Authority (VARA). This approval marks a pivotal step for Bitpanda as it enters the UAE market, aligning with local regulatory standards to operate legally within the region.
A Gateway to Global Expansion
In an announcement made on December 16, Bitpanda revealed that its application underwent an extensive eight-month review process before receiving VARA’s approval. The company sees Dubai as a strategic hub to fuel its global growth, leveraging the city’s innovative regulatory framework and robust position as a global digital asset center.
Eric Demuth, Bitpanda’s CEO and co-founder, expressed his excitement about this milestone:
“In Europe, we’ve built a reputation as the most trusted and regulated digital asset platform. Now, we’re scaling this proven model globally, with Dubai and the UAE serving as our strategic launchpad for international expansion. The opportunities here are immense, and we are uniquely positioned to seize them.”
Partial Licensing and Local Operations
With in-principle approval secured, Bitpanda is authorized to provide limited services while working toward obtaining a full operational license. Currently, users in the region can buy and sell popular cryptocurrencies like Bitcoin and Ethereum on the platform. Once fully licensed, the company will operate as Bitpanda Broker MENA DMCC, solidifying its presence in Dubai’s fast-growing crypto market.
Earlier this year, Bitpanda laid the groundwork for its regional operations by establishing an office at the DMCC Crypto Centre in Dubai. To further strengthen its foothold, the company has formed strategic partnerships with key players, including the National Bank of Ras Al Khaimah (RAKBANK) and CoinMENA, a leading licensed crypto platform in the UAE.
Why Dubai?
Bitpanda’s choice of Dubai for its first venture outside Europe is no coincidence. The UAE’s progressive regulatory framework and reputation as a global hub for digital assets were key factors in the decision. Founded in 2014 and headquartered in Vienna, Austria, Bitpanda has focused exclusively on the European market until now. The platform offers a broad range of digital assets, including cryptocurrencies, exchange-traded funds (ETFs), and other investment products.
As part of its strategy, Bitpanda aims to replicate its success in Europe by offering a secure and regulated platform to the UAE market. By tapping into the region’s dynamic digital economy, the company is positioning itself for sustained growth on a global scale.
Dubai Welcomes Global Crypto Players
Bitpanda isn’t the only crypto exchange eyeing Dubai’s promising market. In October, OKX, another major player in the cryptocurrency space, launched its local operations in the UAE. The company unveiled its tailored platform for retail and institutional investors at a gala event held at the Museum of the Future.
With Dubai’s forward-thinking approach to digital assets, the city continues to attract top crypto firms from around the globe, solidifying its reputation as a thriving hub for innovation in the digital economy.
Bitpanda’s entry into Dubai underscores the growing importance of the UAE as a global leader in the digital asset industry. With its eyes set on international expansion, the company is poised to make a significant impact on the region’s rapidly evolving crypto landscape.