Animoca Brands, a leading firm in digital assets based in Hong Kong, has announced its expansion into the MENA region. This strategic move follows the company obtaining a Virtual Asset Service Provider (VASP) License from the Dubai Virtual Assets Regulatory Authority (VARA). This milestone illustrates Animoca’s commitment to evolving economies through impactful technologies.
Expansion into the MENA Region
With the VASP License in hand, Animoca Brands is poised to provide various virtual asset services and investment options from Dubai. This operating license enables the company to offer Broker-Dealer Services and Management Services specifically for global institutional and qualified investors, allowing for enhanced participation in the dynamic digital asset landscape. As the MENA region continues to grow as a technology hub, this expansion marks a significant step in Animoca’s ongoing mission to innovate and lead in the field of digital assets.
The Role of VARA
Established in 2022, VARA operates as the primary authority in Dubai for regulating and supervising virtual assets. It is notable for being the world’s first independent regulator specializing in this sector. VARA’s framework aims to protect investors and to create international governance standards for virtual asset activities while promoting a borderless economy. The establishment of such a regulatory body signifies Dubai’s commitment to fostering an environment conducive to technological advancements in the digital asset industry.
Innovative Digital Asset Platforms
Animoca Brands is widely recognized for its various initiatives within the digital asset space. The company has created platforms like Moca Network, Open Campus, Anichess, and The Sandbox, which cater to different aspects of the digital economy. In addition to developing these platforms, Animoca also provides services designed to assist other crypto companies in launching and scaling their operations. The firm has built a robust investment portfolio comprising over 600 companies and digital assets, underscoring its significant influence and commitment to the future of digital economies.
Future Prospects and Commitment
The acquisition of the VASP License is expected to bolster Animoca’s operations in the Middle East and enhance its ability to deliver regulated digital asset services. Omar Elassar, Managing Director for the Middle East and Head of Global Strategic Partnerships at Animoca Brands, emphasized how crucial this license is for their operations. He noted that it strengthens their engagement with Web3 foundations and helps attract institutional and qualified investors within a well-regulated framework. This reflects Animoca’s commitment to ethical operations as digital asset markets mature.
Animoca Brands continues to gain recognition for its contributions to the digital asset sector, appearing on various prestigious lists such as the Fortune Crypto 40 and Deloitte Tech Fast. This progression emphasizes the company’s role as a pioneer in reshaping the future of digital economies through innovative technologies. As it expands its footprint into the MENA region, Animoca Brands is set to play an integral role in the evolution of the digital asset landscape.