Bitpanda has obtained an in-principle approval from the Virtual Assets Regulatory Authority (VARA) as it was widely expected since the submission announcement.
It took less than eight months for the crypto fintech provider to get the green light from the Dubai regulator for digital assets. The firm will commence operations in the UAE as Bitpanda Broker MENA DMCC.
The approval follows a series of strategic moves, including the establishment of its Dubai office at the DMCC Crypto Centre earlier this year, onboarding a team of regional experts, and forming key partnerships with financial institutions such as The National Bank of Ras Al Khaimah and CoinMENA.
Bitpanda considers the UAE the ideal choice for its first step outside of Europe because of the jurisdiction’s forward-thinking regulatory framework and status as a global digital asset hub.
“Dubai and the UAE serving as our strategic launchpad for international expansion”
Eric Demuth, Co-Founder and CEO of Bitpanda, commented: “In Europe, we have built a reputation as the most trusted and regulated digital asset platform. Now, we are scaling this proven model globally, with Dubai and the UAE serving as our strategic launchpad for international expansion. The opportunities are immense, and we are uniquely positioned to seize them – both as Europe’s leading crypto broker and as a top infrastructure provider in the digital assets space.”
Fabian Reinisch, General Counsel of Bitpanda, added: “Securing VARA’s in-principle approval in under eight months reflects the strength of VARA’s progressive regulatory framework and Bitpanda’s steadfast commitment to compliance and innovation. For over a decade, we have demonstrated that a compliance-first approach is the only path to sustainable and responsible growth in our industry. Now, we are extending this approach to markets beyond Europe.”
Founded in Vienna in 2014, Bitpanda is a leading European crypto platform, offering a selection of over 2,800 digital assets, including more than 500 crypto assets and numerous stocks, ETFs, precious metals, and commodities. The Austrian fintech unicorn caters to more than 5 million users and dozens of institutional partners.
Bitpanda Technology Solutions is Bitpanda’s digital assets infrastructure provider. Banks, fintechs, (neo-)brokers, and crypto-native companies in the region will be able to partner with BTS to launch their own trading solutions powered by Bitpanda. BTS allows its partners to integrate a modular and scaled 24/7 trading infrastructure and offer trading, investing, and custody services across every asset class in a modular way. Partners can build their own user experiences on an ISO 27001-certified and battle-proofed infrastructure including features such as savings plans, asset-to-asset swaps, and crypto staking functionality. Additionally, all of Bitpanda’s European licenses and regulatory experience can be accessed through a partnership with the most comprehensive and regulated crypto platform in Europe.
