Bitpanda Secures In-Principle Approval to Expand into UAE’s Crypto Market
Bitpanda, the European digital asset platform, has received in-principle approval from the Virtual Asset Regulatory Authority (VARA) in Dubai, paving the way for its expansion into the UAE’s rapidly growing cryptocurrency market. This move aligns with Bitpanda’s global expansion strategy, as it seeks to establish a strong foothold in the Middle East, following its success as a regulated digital asset provider in Europe.
The UAE, particularly Dubai, has become a leading hub for digital finance, attracting cryptocurrency firms with its progressive and innovation-friendly regulations. Bitpanda’s co-founder and CEO, Eric Demuth, confirmed that the firm plans to partner with local crypto platforms, using the UAE as a springboard for broader global expansion.
The in-principle approval from VARA signals that Bitpanda has met key regulatory requirements, though full approval will depend on fulfilling additional conditions, including establishing a local office and implementing compliance infrastructure in line with the VARA framework.
Bitpanda’s strategic expansion into Dubai highlights the city’s commitment to fostering cryptocurrency innovation, supported by initiatives like the DMCC Crypto Centre. The company intends to set up a regional headquarters in Dubai and pursue further partnerships with key financial stakeholders in the region.
In a related development, Bitpanda recently formed a partnership with global banking group Societe Generale, focusing on growing the adoption of crypto and stablecoins, particularly the euro-denominated EUR CoinVertible (EURCV), as part of its vision to integrate digital currencies into global finance.
