Bitpanda, a leading European digital asset platform, has secured in-principle approval from Dubai’s Virtual Asset Regulatory Authority (VARA) as it prepares to expand into the United Arab Emirates (UAE). This milestone marks a significant step in Bitpanda’s ambition to extend its regulated operations beyond Europe and solidify its position in the global cryptocurrency market.

Dubai’s emergence as a digital finance hub makes the UAE an ideal choice for Bitpanda’s international growth. The city’s innovation-driven regulatory framework has already attracted major cryptocurrency firms worldwide. Bitpanda’s co-founder and CEO, Eric Demut, hailed Dubai as a “strategic launchpad for international expansion.”

The in-principle approval indicates that Bitpanda is well on its way to receiving a full operational license. However, final approval is contingent upon meeting additional requirements, including setting up a local office, assembling a regional management team, and implementing compliance infrastructure in line with VARA’s standards.

Bitpanda’s entry into Dubai aligns with the city’s commitment to fostering digital finance innovation, exemplified by initiatives like the DMCC Crypto Centre. The company plans to establish a regional headquarters and forge partnerships with financial institutions to further integrate into the market.

This expansion follows Bitpanda’s September partnership with Societe Generale-FORGE, the blockchain arm of global banking giant Societe Generale. The collaboration aims to promote mainstream adoption of EUR CoinVertible (EURCV), a euro-backed stablecoin, and highlights stablecoins as a cornerstone of the future financial system.

With regulatory backing and a clear growth strategy, Bitpanda’s move into the UAE positions it at the forefront of global cryptocurrency innovation, solidifying Dubai’s reputation as a leader in digital asset adoption.