Bitpanda Receives Full Regulatory Approval to Operate in Dubai

European cryptocurrency exchange Bitpanda has announced that it has been granted a full broker-dealer license from Dubai's Virtual Assets Regulatory Authority (VARA). This development comes three months after the company received preliminary authorization and marks Bitpanda's first fully licensed expansion beyond the European continent.

The license will enable Bitpanda to offer a comprehensive suite of digital asset services to investors in the UAE, including access to over 500 cryptocurrencies, crypto indices, and savings plans. Fabian Reinisch, General Counsel at Bitpanda Group, commented on the achievement, stating, "The UAE is one of the most forward-thinking markets for digital assets, and VARA sets a new standard for innovation and investor protection. This license allows us to bring our trusted, regulated platform to a new audience."

Reinisch also highlighted the efficiency of the approval process, noting, "We obtained approval in record time, and I believe that is a testament to the decade of experience our teams have working in the digital asset space and our commitment to the highest regulatory standards."

The UAE has become an increasingly attractive hub for cryptocurrency firms due to its clear regulatory framework and pro-investor policies. Bitpanda's entry is expected to provide local investors with access to a wide array of digital assets. The company, which already holds multiple licenses across Europe, including a MiCAR license in Germany and registration with the UK's FCA, is currently establishing operations at the DMCC Crypto Centre in Dubai. Onboarding for UAE investors is planned to commence in the coming months.