Bitpanda has chosen Dubai as its launchpad for global expansion, citing the UAE’s forward-thinking regulatory framework.
By Chimamanda U. Martha
Edited by Julia Sakovich
Updated
3 mins read
Bitpanda, a leading cryptocurrency exchange in Europe, announced today that it has secured in-principle approval from Dubai’s regulatory authorities to legally enter the market in compliance with local regulations.
According to the announcement on Monday, December 16, the city’s Virtual Assets Regulatory Authority (VARA) granted the license following a thorough review of the company’s compliance measures. Bitpanda revealed that the application process took eight months to conclude.
Through the in-principle approval, the company is now authorized to provide specific services pending the issuance of a full license. For the time being, users can buy and sell cryptocurrencies such as Bitcoin BTC $105 167 24h volatility: 3.2% Market cap: $2.09 T Vol. 24h: $93.32 B and Ethereum ETH $3 400 24h volatility: 5.6% Market cap: $410.09 B Vol. 24h: $33.57 B directly on the platform. Bitpanda stated that it will operate in the region as Bitpanda Broker MENA DMCC once fully licensed by the authorities.
The approval builds on the exchange’s previous milestones in the region. Earlier this year, Bitpanda established its Dubai office at the DMCC Crypto Centre, hiring a team of regional experts to scale its operations in the area.
Additionally, the company formed strategic partnerships with key financial institutions, including the National Bank of Ras Al Khaimah (RAKBANK) and CoinMENA, one of the UAE’s leading licensed crypto platforms, to strengthen its position for growth.
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
The company’s CEO and co-founder Eric Demuth said that Dubai will serve as the exchange’s launchpad for international expansion.
“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,” he said.
As a licensed exchange in Europe, Bitpanda said it was attracted to Dubai due to the UAE’s forward-thinking regulatory framework. The exchange also cited the region’s status as a global digital asset hub as one of the key factors in selecting Dubai for its first venture outside Europe.
Founded in 2014 and headquartered in Vienna, Austria, Bitpanda has remained focused on Europe until now. The platform offers a wide selection of digital assets, including cryptocurrency-related investment products such as exchange-traded funds (ETFs).
Meanwhile, Bitpanda is not alone in expanding to Dubai. In October, crypto exchange OKX announced its entry into the UAE market with a local platform tailored to both retail and institutional investors. The launch was celebrated at a gala event titled “A New Alternative for Dubai” at the Museum of the Future, with top executives, including OKX CEO Star Xu, in attendance.
That same month, blockchain payment infrastructure provider Ripple gained regulatory approval to explore Dubai’s market. The in-principle license granted by the Dubai Financial Services Authority (DFSA) enables Ripple to offer its services from the Dubai International Financial Centre.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
