In simple terms, the digital currency platform Bitpanda, located in Vienna, has secured a broker-dealer permit from VARA in Dubai. This licensure enables them to offer their services to clients residing in the United Arab Emirates.
Bitpanda Expands Into the Middle East
In simpler terms, Bitpanda – an Austrian digital asset platform – has obtained a broker-dealer license from the Dubai Virtual Assets Regulatory Authority (VARA). This licence grants them the ability to extend their services to individuals residing in the United Arab Emirates (UAE).
Securing the license is a significant step for Bitpanda, which already has a permanent office in Dubai at the DMCC Crypto Centre and a team of regional experts to develop products tailored to the UAE market. According to a statement, Bitpanda expects to start onboarding UAE users in the coming months.
As a dedicated researcher, I’m reflecting on the recent announcement made by Lukas Enzersdorfer-Konrad, the deputy CEO at Bitpanda Group. In his statement, he emphasized that securing the VARA license is in line with our company’s mission to ensure the safety and accessibility of virtual assets. This strategic move underscores our commitment to creating a trusted platform for digital asset transactions.
Through our VARA license, we’re taking our vision to the UAE, making certain investors and financial institutions can utilize a completely compliant digital asset platform. This is merely the first step in our growth beyond Europe. We are prepared to flourish in a region that values both innovation and regulation equally, as stated by Enzersdorfer-Konrad.
Nadeem Ladki, head of Bitpanda Technology Solutions worldwide, expressed that securing the license is a significant achievement for their cryptocurrency platform, marking the start of their venture into the Middle East. The VARA broker license they received signifies Bitpanda’s forward-thinking stance on regulation.
The business presently possesses multiple permits, such as the Markets in Crypto-Assets Regulation (MiCAR) license granted by the German regulatory body BaFin. Additionally, it is recognized with the UK’s Financial Conduct Authority (FCA) and owns a Payment Services Directive 2 (PSD2) e-money license and a Markets in Financial Instruments Directive II (MiFID II) license.
Simultaneously, Fabian Reinisch, legal chief at Bitpanda Group, expressed that quickly securing the license underscores the company’s dedication to maintaining top-notch standards.
Reinisch stated, “We managed to secure approval exceptionally quickly, which I think underscores the deep-rooted knowledge and expertise our team possesses in the digital assets sector, as well as our unwavering dedication to upholding the strictest regulatory guidelines.
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2025-03-28 13:01