Animoca Brands obtains Dubai VASP license

Suehyeon Lee

Summary

Animoca Brands said it received approval for a VASP license from the Dubai Virtual Assets Regulatory Authority (VARA).
It said the license permits the provision of virtual-asset-related broker-dealer services and investment management in mainland Dubai and free zones to institutional and qualified investors worldwide.
It said that, under VARA supervision, Animoca Brands operates and supports blockchain-based projects such as The Sandbox, Open Campus and Moca Network, and has invested in more than 600 companies and digital-asset projects.

Animoca Brands, a developer of non-fungible tokens (NFTs) and blockchain games, has obtained a Virtual Asset Service Provider (VASP) license from Dubai’s virtual asset (cryptocurrency) regulator, the Virtual Assets Regulatory Authority (VARA), accelerating its expansion into the Middle East.

According to Cointelegraph on the 16th (local time), Animoca Brands said it had received approval for a VASP license from the Dubai Virtual Assets Regulatory Authority (VARA).

\The license allows the company to provide virtual-asset-related broker-dealer services and investment management in mainland Dubai and free zones (excluding the Dubai International Financial Centre). The services are primarily targeted at institutional and qualified investors worldwide.

Omar Elassar, Animoca Brands’ Middle East head and global head of strategic partnerships, said, “This license acquisition enables us to strengthen cooperation with Web3 foundations and global institutional investors within a regulated environment.” VARA, established in March 2022, is Dubai’s dedicated digital-asset regulator, overseeing the issuance, trading and use of virtual assets.

According to VARA disclosures, the license was issued on Feb. 5. This allows Animoca Brands, under VARA supervision, to offer virtual-asset-related services to institutional and qualified investors. The company operates and supports blockchain-based projects such as The Sandbox, Open Campus and Moca Network, and has invested in more than 600 companies and digital-asset projects.