Bitpanda gets in-principle approval for UAE expansion with VARA

Bitpanda, a European digital asset platform, has received in-principle approval from Dubai’s Virtual Asset Regulatory Authority (VARA) to enter the United Arab Emirates (UAE) market.

This approval marks a significant move for Bitpanda as the company aims to extend its operations beyond Europe, where it is already a regulated digital asset provider.

Dubai, known for its role as a hub for global digital finance, was chosen for this expansion due to its favorable regulatory environment, which fosters innovation in the cryptocurrency sector.

Eric Demut, co-founder and CEO of Bitpanda, noted that Dubai would serve as the "strategic launchpad for international expansion."

Although Bitpanda has secured this in-principle approval, it still needs to meet further requirements to obtain a full operational license.

These conditions may include establishing a local office, hiring a regional management team, and setting up compliance measures in accordance with VARA’s regulatory framework.

The UAE’s forward-thinking stance on cryptocurrency innovation, demonstrated by initiatives such as the DMCC Crypto Centre, played a key role in Bitpanda’s decision to target the region.

Bitpanda also plans to establish a regional headquarters in Dubai as part of its growth strategy and intends to collaborate with local financial entities.

The company’s expansion follows a partnership with the French banking giant Societe Generale.

The partnership will focus on promoting the adoption of crypto and stablecoins, including Societe Generale’s EUR CoinVertible (EURCV), aiming to integrate stablecoins into the global financial system.

This expansion into the UAE is part of Bitpanda’s broader global strategy to build on its presence in Europe and tap into new markets in the Middle East.