An increasing number of worldwide Web3 and crypto firms are trying to obtain regulatory authorisation in order to expand operations into the Middle East.Recently, Animoca Brands made an important announcement about reaching a significant milestone; acquiring a VASP (Virtual Asset Service Provider) licence from the Virtual Assets Regulatory Authority of Dubai.The licence will allow Animoca Brands to expand services across the MENA region, including a focus on offering its products to institutional and qualified investors. <h2>Details of the Dubai VASP License</h2> Animoca Brands was the first company licensed under the laws of the Virtual Assets Regulatory Authority (“VARA”), on February 5, 2022. This license allows Animoca Companies and their subsidiaries to:\n- Act as broker-dealers for virtual assets; and \n- Act as investment advisers to customers in connection with cryptocurrency.\nIn addition, the license includes a specific provision to restrict granting authority or engaging in business activity for any virtual asset-related activity arising out of the license issued by VARA at the Dubai International Financial Centre (“DIFC”).In addition, VARA has established an effective regulatory framework for virtual asset businesses that will help ensure that the services they provide follow the rules established by VARA, protect investors and provide opportunities for future growth. <h2>Strategic Implications for Animoca Brands</h2><img src="https://jid.rerrkvifj.com/media/customer/creatorSystem/93fef045-2390-450a-8bea-37aaa964d643.jpeg"> Animoca Brands has now been granted regulatory approval for operations in Dubai and the Middle East allowing it to establish itself as an approved business while giving it access to (a) institutional customers and (b) qualified investors seeking access to crypto investment products. By becoming a licensed Virtual Asset Service Provider (VASP) through VARA, Animoca Brands will enhance its credibility in an ever-changing regulatory environment for digital asset companies. The VARA license reflects Animoca's commitment to operating responsibly in a global cryptocurrency market that is rapidly maturing. With the UAE becoming a preferred jurisdiction for cryptocurrency, many other Web3 companies will be able to apply for the VARA licensing program and operate their businesses legally and compliantly around the world and subsequently have access to many additional potential market opportunities through legal compliance. <h2>Conclusion</h2>Obtaining a Dubai Virtual Asset Service Provider (VASP) license from Animoca Brands is an important milestone in the company’s development in the Middle East. The company will now be able to offer compliant broker dealer and investment management services to institutional and accredited investors. In addition, this illustrates the growing relevance of regulated crypto activity in emerging markets as this will increase the company’s ability to offer services globally.

Animoca Brands secures Dubai VASP license from VARA, allowing expansion of crypto broker-dealer and investment services to institutional and qualified investors.

Animoca Brands Secures Dubai Crypto License to Expand Services in Middle East

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