European Crypto Exchange Bitpanda Receives Approval to Enter Dubai Market
Bitpanda, a prominent European cryptocurrency exchange, has obtained in-principle approval from Dubai's regulatory authorities to enter the market legally. The Virtual Assets Regulatory Authority (VARA) granted this license after an eight-month compliance review process.
Partial Licensing Framework
The approval allows Bitpanda to offer specific services while awaiting a full license. Users can currently buy and sell cryptocurrencies such as Bitcoin and Ethereum on the platform. Once fully licensed, Bitpanda will operate as Bitpanda Broker MENA DMCC.
This milestone follows Bitpanda's earlier establishment of its Dubai office at the DMCC Crypto Centre and the hiring of regional experts. The company also formed partnerships with key financial institutions like the National Bank of Ras Al Khaimah (RAKBANK) and CoinMENA to enhance its growth strategy.
RAKBANK is teaming up with @Bitpanda_global Technology Solutions – a leading digital assets technology provider – to offer UAE residents the opportunity to pursue various digital assets use cases in a secure and efficient way.
When fully launched, RAKBANK customers will be… pic.twitter.com/DJkxgIM1id
— RAKBANK (@RAKBANKlive) August 19, 2024
CEO and co-founder Eric Demuth stated that Dubai will act as a launchpad for international expansion, leveraging Bitpanda's established reputation in Europe.
Dubai: A Strategic Choice
Bitpanda chose Dubai due to the UAE's progressive regulatory framework and its status as a global digital asset hub. Founded in 2014 and headquartered in Vienna, Austria, Bitpanda primarily focused on Europe, offering a range of digital assets and investment products.
Other exchanges are also expanding into Dubai; for instance, in October, OKX launched a local platform for retail and institutional investors, while Ripple gained regulatory approval to operate from the Dubai International Financial Centre.