Bitpanda obtains in-principle approval from VARA


Austria-based fintech company Bitpanda has announced that it secured an in-principal approval from the Virtual Assets Regulatory Authority (VARA) to expand its services to the UAE

Austria-based fintech company Bitpanda has announced that it secured an in-principal approval from the Virtual Assets Regulatory Authority (VARA) to expand its services to the UAE. After being formerly licensed, Bitpanda is set to be able to provide its solutions in the UAE under Bitpanda Broker MENA DMCC, officially entering into markets besides Europe and strengthening its position as a global participant in the digital assets space.

Considering that the UAE is a digital finance and cryptocurrency trading hub, Bitpanda’s in-principle approval by VARA highlights the company’s objective to support the worldwide adoption of regulated virtual assets. Before this, Bitpanda conducted a series of strategic moves, creating its Dubai office at the DMCC Crypto Centre, onboarding a team of regional specialists, and entering collaborations with financial institutions, including RAKBANK and CoinMENA. As part of its alliance with CoinMENA, Bitpanda intended to allow the company to integrate a broader selection of cryptocurrencies, equipping users with more competitive pricing and an augmented trading experience.

When it comes to RAKBANK, Bitpanda teamed up with the bank to provide a platform allowing UAE residents to manage digital assets. Following the full launch, RAKBANK customers were set to benefit from the ability to pursue several digital asset use cases, receiving one of the most complete offerings available in the UAE. Bitpanda’s entry in the UAE By expanding its services and footprint to the UAE, Bitpanda advances its commitment to operating in accordance with strict regulatory standards while also supporting the worldwide adoption of digital assets.

In addition, based on its track record as one of Europe’s regulated crypto platforms and its focus on meeting regulatory requirements, the company positions itself to offer a secure and optimised experience to investors across the UAE and, eventually, the wider MENA region. Representatives from Bitpanda commented on the news, mentioning that obtaining VARA’s in-principle approval in under eight months highlights the capabilities of the regulator’s progressive framework and the company’s allegiance to compliance and development. Source: Link .


Dec 17, 2024 11:04
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