Digital asset venture capital firm Animoca Brands has received regulatory approval from Dubai.
Animoca announced via email on Monday that it has received a virtual asset service provider (VASP) license from the UAE’s digital asset industry regulator.
The Hong Kong-based company, which received in-principle approval in Abu Dhabi to become a regulated fund management company in November last year, said the license allows it to operate in Dubai and provide broker-dealer services as well as digital asset management and investment.
Dubai established the Virtual Asset Regulatory Authority (VARA) in 2022 to oversee the licensing and operations of cryptocurrencies and crypto-related companies, and has since been central to the emirate’s development as a digital asset hub. Well-known exchanges such as Binance and OKX have also received regulatory approval.
Animoca was listed on Nasdaq in the United States through a reverse merger application at the end of last year. It manages more than 600 blockchain investment portfolios and provides institutional services such as cryptocurrency vault management and digital asset infrastructure.
