30s Summary

Bitpanda, a European digital asset platform, is exploring expansion into the UAE following non-binding approval from the Virtual Asset Regulatory Authority (VARA). However, the company must still establish a local office, hire a regional team, and ensure compliance with VARA rules. Bitpanda aims to set up a major office in Dubai and plans to work closely with local finance players. The firm previously partnered with Societe Generale to promote its euro-based stablecoin, EUR CoinVertible (EURCV).

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Bitpanda, a big name in digital assets in Europe, is all set to stretch its wings into the United Arab Emirates (UAE). With the Virtual Asset Regulatory Authority (VARA) giving them a non-binding approval, Bitpanda can now start setting up shop in the bustling digital finance hub of the Middle East.

Dubai, a hot-spot for cryptocurrency companies, is where Bitpanda’s CEO Eric Demut plans to kickstart the company’s global expansion. But they’re not quite ready to open doors just yet. Before they can fully operate in the UAE, Bitpanda needs to meet a few more conditions like setting up a local office, getting a regional team on board, and making sure its operations comply with VARA’s rules.

Bitpanda’s choice to venture into Dubai isn’t surprising. The city’s increasing prominence in the world of digital finance attracted Bitpanda, which already has a stronghold in its European home turf. The company plans to establish a major regional office in Dubai, and also aims to collaborate with the important players in finance over there.

Back in September, Bitpanda joined forces with global banking giant Societe Generale. The goal? To push crypto and stablecoins into mainstream finance. As part of the agreement, Bitpanda will be working with Societe Generale’s blockchain arm, Societe Generale-Forge, to promote its euro-based stablecoin, EUR CoinVertible (EURCV).