Animoca Brands, a global digital assets company, has received a Virtual Asset Service Provider (VASP) license from Virtual Assets Regulatory Authority (VARA).
This license allows the company to begin operations in Dubai and provide virtual asset broker-dealer, management, and investment services to global institutional and qualified investors (excluding the Dubai International Financial Centre).
Virtual Assets Regulatory Authority (VARA) was created in 2022 under Dubai Law No. 4 of 2022. It is the official authority that regulates and supervises virtual asset activities in the Emirate of Dubai.
VARA is known as the world’s first independent regulator for virtual assets. It plays a key role in building strong legal rules that protect investors and support Dubai’s vision of a borderless digital economy.
Animoca Brands develops digital asset platforms such as Moca Network, Open Campus, Anichess, and The Sandbox. The company also helps crypto businesses launch and grow by providing digital asset services, and it invests in new digital asset technologies, with a portfolio of more than 600 companies and projects.
“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,” said Omar Elassar, managing director for Middle East and head of Global Strategic Partnerships at Animoca Brands.
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