Bitpanda Expands to UAE After Securing VARA License

Vienna-based crypto platform Bitpanda has obtained a broker-dealer license from Dubai’s VARA, allowing it to serve users in the UAE.

Bitpanda Expands Into the Middle East

Bitpanda, the Vienna-based crypto asset platform, has secured a broker-dealer license from the Dubai Virtual Assets Regulatory Authority (VARA). The license enables Bitpanda to open its platform to users from the United Arab Emirates (UAE).

Securing the license is a significant step for Bitpanda, which already has a permanent office in Dubai at the DMCC Crypto Centre and a team of regional experts to develop products tailored to the UAE market. According to a statement, Bitpanda expects to start onboarding UAE users in the coming months.

Lukas Enzersdorfer-Konrad, deputy CEO at Bitpanda Group, stated that obtaining the VARA license aligns with the company’s goal of making virtual assets secure and accessible.

“With our VARA license, we are bringing that vision to the UAE, ensuring investors and financial institutions have access to a fully compliant digital asset platform. This is just the beginning of our expansion beyond Europe. We are ready to grow in a region that embraces innovation and regulation equally,” Enzersdorfer-Konrad said.

Nadeem Ladki, global head of Bitpanda Technology Solutions, noted that obtaining the license is a milestone for the crypto asset platform as it kickstarts the expansion into the Middle East. According to the statement, the VARA broker license is a testament to Bitpanda’s proactive approach to regulation.

The company currently holds several licenses, including a Markets in Crypto-Assets Regulation (MiCAR) license from the German regulator BaFin. It is also registered with the UK’s Financial Conduct Authority (FCA) and holds a Payment Services Directive 2 (PSD2) e-money license and a Markets in Financial Instruments Directive II (MiFID II) license.

Meanwhile, Fabian Reinisch, general counsel at Bitpanda Group, said that obtaining the license in record time demonstrates the company’s commitment to upholding high standards.

“We obtained approval in record time, and I believe that is a testament to the decade of experience our teams have in the digital asset space and our commitment to the highest regulatory standards,” Reinisch said.