Animoca Brands Secures Dubai License for Digital Asset Operations
Animoca Brands has obtained a key license from Dubai's Virtual Assets Regulatory Authority (VARA), enabling the company to offer a range of digital asset services within the emirate.
Animoca Brands has successfully secured a significant regulatory approval, obtaining a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA). This development marks a crucial step for the Web3 company, allowing it to establish and expand its operations within the United Arab Emirates.
The newly acquired license empowers Animoca Brands to offer comprehensive digital asset services. Specifically, the company is now authorized to provide broker-dealer services, along with digital asset management and investment solutions.
This strategic move positions Animoca Brands to actively participate in Dubai's growing digital asset economy. The company can now engage with users and partners in the region under a regulated framework, fostering trust and compliance.
The granting of this license is particularly noteworthy as it follows a period where many crypto firms have faced increased scrutiny and regulatory challenges globally. Dubai, through VARA, has been proactively establishing clear guidelines for virtual asset activities, aiming to become a hub for the industry.
Originally reported by CoinDesk.