As a seasoned analyst with over two decades of experience in the financial sector, I have witnessed the evolution of digital assets from a novel concept to a mainstream investment opportunity. The news of Bitpanda receiving in-principle approval from VARA in Dubai is undeniably noteworthy and indicative of the growing acceptance of cryptocurrencies on a global scale.
Bitpanda obtains VARA’s approval, enabling it to broaden its reach in the UAE by establishing local partnerships and ensuring regulatory compliance for full-scale operations.
Bitpanda, a leading regulated cryptocurrency platform in Europe, is making a significant stride towards global expansion. The company has been granted preliminary approval by the Virtual Assets Regulatory Authority (VARA) in Dubai.
Obtaining this approval brings Bitpanda a step closer to initiating its business within the UAE under the company Bitpanda Broker MENA DMCC. Nevertheless, Bitpanda is still waiting for the complete operational license before it can fully start its activities in the region.
In less than eight months, the application to Bitpanda was granted approval. This highlights the company’s commitment to innovation and compliance within the digital asset sector. The approval marks a major milestone for Bitpanda as it expands its operations beyond the European market for the first time. This move aligns with the company’s ambition to be recognized as one of the most esteemed international players in the cryptocurrency world.
Bitpanda Prepares for UAE Launch with Strong Regional Team and Partnerships
Bitpanda is currently gearing up for its upcoming regional ventures. Headquartered at the DMCC Crypto Centre in Dubai, Bitpanda has successfully assembled a robust local workforce and has entered into strategic partnerships with key financial entities in the region. These partnerships include RAKBANK and CoinMENA, a licensed UAE-based cryptocurrency exchange.
As the Co-founder and CEO of Bitpanda, Eric Demuth expressed his excitement about the possibilities for growth. He clarified that Bitpanda has built a strong reputation as a trustworthy and legitimate company in Europe, making it quite well-known. Furthermore, he stated that Dubai offers immense potential, and Bitpanda is fully equipped to capitalize on these opportunities.
The legal framework in the UAE was one of the reasons for the decision. The regulation of VARA focuses on innovation while at the same time protecting the interests of investors. This perfectly fits into Bitpada’s goals and vision, as well as its core values. The approval was also echoed by Fabian Reinisch, the General Counsel at Bitpanda, who pointed out that the approval demonstrates Dubai’s sound and healthy regulatory environment and Bitpanda’s compliance.
The business intends to offer comprehensive services related to digital currencies upon receiving its license. It will additionally develop innovative trading models and structures suitable for both institutions and individuals. This venture into Dubai indicates that Bitpanda is prepared to lead the global advancement of legally recognized cryptocurrencies. By doing so, it aims to establish new standards in terms of compliance and innovation within the digital asset sector.
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2024-12-18 22:57