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Animoca announced that the license enables it to begin operations in Dubai, providing broker-dealer services along with digital asset management and investment opportunities.
Dubai. (Photo by ZQ Lee on Unsplash/Modified by CoinDesk)
What to know:
- Animoca Brands, a digital asset venture capital firm, has received regulatory approval in Dubai.
- The company has been awarded a Virtual Asset Service Provider (VASP) license from the Emirate’s regulatory authority overseeing the digital asset sector.
- In 2022, Dubai established the Virtual Assets Regulatory Authority to manage the licensing and operation of cryptocurrency and related companies, playing a vital role in the Emirate’s evolution into a digital asset center.
Animoca Brands, a digital asset venture capital firm, has received regulatory approval in Dubai.
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The company announced via email on Monday that it has been granted a Virtual Asset Service Provider (VASP) license by the Emirate’s regulatory authority for the digital asset sector.
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The firm, which is based in Hong Kong and received in-principle approval as a regulated fund manager in Abu Dhabi in November, indicated that the license permits it to initiate operations in Dubai, providing broker-dealer services as well as digital asset management and investment options.
Dubai’s Virtual Assets Regulatory Authority (VARA) was established in 2022 to supervise the licensing and functioning of cryptocurrency and related companies, significantly contributing to the Emirate’s development as a digital asset hub. Notable exchanges like Binance and OKX have also secured regulatory approval there.
Animoca, which applied for a Nasdaq listing in the U.S. through a reverse merger late last year, oversees a portfolio consisting of over 600 blockchain investments and provides institutional services, including crypto treasury management and digital asset infrastructure.
