Crypto-based companies have continued to enter regions like the UAE; in a most recent development, it has been reported that Bitpanda has secured approval for its application for a broker-dealer license.
With this approval, the virtual assets platform will be able to offer its services to those seeking convenient crypto buying and selling and related services.
It is worth noting that Bitpanda has already inaugurated its workplace in Dubai at DMCC Crypto Centre; in the coming months, the company will start serving the users of the UAE.
The primary license was granted by the Dubai Virtual Asset Regulatory Authority (VARA); with this, it also holds a license for crypto-related activities in Austria, the United Kingdom, Norway, Sweden, Italy, Spain, and France.
UAE’s crypto market is climbing toward a new goal
The UAE’s regional crypto market has flourished for the past few years, with an observed change in the regulators’ attitude towards digital assets and blockchain technology.
It is worth noting that there are set guidelines for crypto and related activities, which have also helped the agencies and government reduce crypto-related crime in the nation.
With the popularity of DMCC worldwide, hundreds of companies have filed their application with the authorities to get clearance for offering in the region, and in total, there are more than 1k companies listed in different emirates.
The United Arab Emirates crypto users are expected to reach 3.78 million, and the penetration rate over this period is 39.13%.
A report by Triple-A argues that the UAE had a crypto ownership rate of 25.3%, one of the highest globally, suggesting around 2.59 million users; the increase to 3.78 million by year-end 2025 reflects an expected continuation of this upward trajectory.
Bitcoin dominates, with reports suggesting up to 72% of local crypto users hold it. However, altcoins and stablecoins are also gaining traction; memecoin remains on top with the launch of Mubarak, which has become the center of attraction over the past few weeks.
Bitpanda is one of the known crypto service price providers, including services like buying and selling different cryptocurrencies; the application has over 50 million downloads over Google Play Store, and its rating is 3.5. It was launched in November 2018.
The company has partnered with the NFL, AC Milan, FC Bayern, Antoine Dupont, Stanislas Wawrinka, and Alexander Zverev.
