Originally published on: December 16, 2024
Bitpanda, a well-known European digital asset platform, has recently received in-principle approval from the Virtual Asset Regulatory Authority (VARA) for its upcoming expansion into the United Arab Emirates (UAE).
This regulatory milestone marks a significant step for Bitpanda as it gears up to establish a strong presence in the Middle East, in line with its strategic goals of expanding beyond its European roots. The UAE, especially Dubai, has become a prominent global hub for digital finance, attracting various cryptocurrency firms with its forward-thinking regulatory environment.
Eric Demuth, co-founder, and CEO of Bitpanda, shared with Cointelegraph that the company’s focus in the UAE will involve forming partnerships with local crypto platforms and leveraging the country’s position as a global hub to venture outside of Europe.
With the in-principle approval from VARA in hand, Bitpanda is on track to secure its operational license in the UAE, indicating its commitment to meeting regulatory standards and compliance requirements. While there are still some pending conditions to fulfill, such as establishing a local presence, assembling regional management teams, and integrating compliant infrastructure, Bitpanda’s move into Dubai reflects the city’s dedication to fostering cryptocurrency innovation.
Bitpanda’s expansion plans in Dubai align with the city’s efforts to promote digital finance advancements through initiatives like the DMCC Crypto Centre. The company aims to set up a fully functional regional headquarters in Dubai and forge partnerships with key financial stakeholders to further its mission.
In a recent strategic move, Bitpanda partnered with global banking giant Societe Generale to drive the adoption of cryptocurrencies and stablecoins in the global financial landscape. This collaboration will see Bitpanda working closely with Societe Generale-Forge, the conglomerate’s blockchain subsidiary, to promote the mainstream adoption of its euro-denominated stablecoin, EUR CoinVertible (EURCV).
Jean-Mark Stenger, CEO of Societe Generale-FORGE, highlighted the significance of this partnership in positioning stablecoins as integral components of the global financial system. As Bitpanda continues to make waves in the digital asset space, its entry into the UAE marks a pivotal moment in its growth trajectory, signaling its commitment to expanding its reach and influence on a global scale.
