Animoca Brands, a prominent Web3 and digital assets leader, has secured a Virtual Asset Service Provider (VASP) license from Dubai's Virtual Assets Regulatory Authority (VARA).
This approval authorizes the firm to deliver virtual asset broker-dealer services and virtual asset management and investment services across the Emirate of Dubai, excluding the DIFC, for global institutional and qualified investors.
Strategic Milestone for Middle East Growth
The license marks a significant step in Animoca Brands' expansion strategy within the Middle East, enabling regulated digital asset operations from Dubai.
Established in 2022 under Dubai Law No. 4, VARA stands as the world's first dedicated regulator for virtual assets, fostering investor protection and international governance standards.
Animoca Brands, renowned for pioneering platforms such as The Sandbox, Moca Network, Open Campus, and Anichess, maintains a vast portfolio of over 600 Web3 companies and assets.
Omar Elassar, Managing Director for the Middle East and Head of Global Strategic Partnerships at Animoca Brands, hailed the license as a crucial milestone.
"Receiving the VASP license from VARA is an important milestone for Animoca Brands’ operations, particularly in Dubai and the Middle East. This license enhances our ability to engage with Web3 foundations as well as global institutional and qualified investors within a well-regulated framework, and reflects our commitment to building and operating responsibly as digital asset markets continue to mature."
This regulatory nod bolsters Dubai's status as a blockchain innovation hub, drawing major players to its progressive framework.
Looking forward, the license facilitates deeper collaborations with Web3 entities and institutional investors amid maturing crypto markets.
Animoca Brands' adherence to VARA's standards promises sustained growth in virtual asset services and investments.
The development underscores Dubai's vision for a borderless digital economy powered by secure, regulated virtual assets.
Alfred Lee
