Bitpanda secures VARA clearance for UAE expansion

credit: Parilov/Shutterstock
credit: Parilov/Shutterstock

European crypto company Bitpanda is accelerating its global growth by obtaining an in-principle approval from the Virtual Assets Regulatory Authority (VARA) in the United Arab Emirates . 

Once officially licensed Bitpanda will be able to commence operations in the UAE as Bitpanda Broker MENA DMCC, marking its official entry into markets beyond Europe. 

With the UAE emerging as a global hub for digital finance and cryptocurrency trading, Bitpanda’s in-principle approval by VARA underscores its ambition to fuel the adoption of regulated virtual assets in the Middle East. 

The expansion follows a series of strategic moves, including the opening of its Dubai office at the DMCC Crypto Centre earlier this year, onboarding a team of regional experts and forming key partnerships with financial institutions and crypto platforms in the region.

Eric Demuth, Co-Founder and CEO of Bitpanda, commented: “In Europe, we have built a reputation 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. 

“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.”

VARA’s regulatory guidelines seek to foster innovation while prioritising investor protection. This aligns with Bitpanda’s objective to offer secure and accessible digital asset solutions. 

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. 

“For over a decade, we have demonstrated that a compliance-first approach is the only path to sustainable and responsible growth in our industry. Now, we are extending this approach to markets beyond Europe.”