Animoca Brands Expands in Middle East with Dubai Crypto License
By: Isha Das
Animoca Brands, a prominent player in the Web3 space, has achieved a significant milestone by securing a Virtual Asset Service Provider (VASP) license from Dubai's Virtual Assets Regulatory Authority (VARA). This approval, granted on February 5, enables the Hong Kong-founded firm to amplify its presence and operations across the Middle East, particularly focusing on institutional and qualified investors. The strategic move aligns with Dubai's continued efforts to position itself as a pivotal hub for compliance-driven cryptocurrency markets.
With this license, Animoca Brands is authorized to offer broker-dealer services and investment management related to virtual assets within Dubai. The services, however, will be primarily directed at institutional and qualified investors, under the vigilant supervision of Dubai's regulatory frameworks. Such regulatory approval not only bolsters the company's capacity to engage with Web3 foundations but also strengthens its engagement with global institutional players within a robust regulatory infrastructure.
Omar Elassar, Managing Director for the Middle East and Head of Global Strategic Partnerships at Animoca Brands, underscored the importance of this license, noting that it significantly enhances their ability to interact within a regulated environment. By integrating into Dubai’s strategic ecosystem, the company is set to leverage the city’s regulatory advancements and thriving crypto-friendly policies to foster growth and innovation within the blockchain and crypto domains.
Animoca Brands views Dubai as a strategic center for its institutional client base, as the emirate is renowned for its forward-thinking approach towards cryptocurrency and blockchain technologies. As Dubai continues to build its reputation as a compliance-driven crypto market, Animoca's expansion aligns seamlessly with its target of broadening its investment and operational horizon in the region. This development marks a new chapter for Animoca Brands, furthering its mission to drive the adoption and understanding of virtual assets on a global scale.
