financemagnates.com
Bitpanda, a European crypto platform, has obtained in-principle approval from the Virtual Assets Regulatory Authority (VARA) in the United Arab Emirates (UAE).
This was achieved in less than eight months after submission. Once fully licensed, Bitpanda will operate as Bitpanda Broker MENA DMCC, marking its first official expansion outside Europe.
Bitpanda Expands Beyond Europe
According to the firm, the approval reflects Bitpanda's strategy to grow beyond Europe and establish itself in the global digital asset market. The UAE has become a notable hub for cryptocurrency trading and digital finance.
Launching Fusion, Targeting MENA
Earlier this year, Bitpanda set up an office in Dubai at the DMCC Crypto Centre. It has since hired regional experts and formed partnerships with financial institutions and crypto platforms. Bitpanda aims to build on its reputation as a regulated platform in Europe to serve investors in the UAE and the broader MENA region.
Last week, Bitpanda launched Bitpanda Fusion, a product tailored for high-volume and intra-day traders. This tool integrates major exchanges to offer maximum liquidity and competitive prices, targeting active traders in the region.