Animoca Brands has received a license as a Virtual Asset Service Provider (VASP) from the Dubai Virtual Assets Regulatory Authority (VARA).
This license will enable Animoca to provide broker-dealer and asset management services to institutional and qualified investors in the emirate, which is a major Web3 firm headquartered in Hong Kong.
This step is regarded as a part of the overall approach of Dubai to transform into a digital assets hub.
New partnership with RootsStock Labs
Similarly, in another related development, Animoca Brands has collaborated with Rootstock Labs to develop Bitcoin-native treasury solutions for Japanese corporations.
The partnership is to equip businesses in Japan with the capability of managing their digital assets better.
With the help of the institutional Bitcoin infrastructure of Rootstock, the collaboration will adjust the platform to the needs of the Japanese market.
Dubai strengthens its position as a Crypto hub
The license of the VASP of Animoca Brands is approved at a time when Dubai is making its mark as one of the major crypto hubs in the world.
The emirate has been working on developing a friendly atmosphere for digital-asset companies. This is especially true through the clear operating structures and clear regulations, which make the region more appealing to foreign investors.
This is a strategic action that puts Dubai at the level of competition in the global digital asset environment.
Nevertheless, the license does not apply to the Dubai International Financial Centre (DIFC) and restricts the field of activities of Animoca.
Nevertheless, the license enables the company to increase its services in Dubai and elsewhere, and institutional growth in Web3.
Animoca’s strategic move for institutional clients
Yat Siu, the co-founder and executive chairman of Animoca Brands, stressed the importance of the expansion of the company to institutional Web3 services.
He emphasized that the institutional clients of Dubai are of key importance to the strategy and growth of Animoca.
Siu has lauded regulatory encouragement of VARA and has promoted the area of Dubai as one of the most progressive and supportive areas to develop crypto.
The focus on institutional clients is in line with the long-term objectives of Animoca to improve its Web3 asset portfolio.
The purchase of the VASP license will allow the business to offer advanced services to the qualified investors to assist them in managing and expanding their digital holdings more efficiently.
A regulatory environment that fosters growth
Dubai’s dedication to establishing a strong regulatory framework for digital assets is one of the issues that appeals to industry players.
The clear guidelines provided by the VARA provide comfort to companies that aim to work in an effective way.
This development is an indication that transparent laws are emerging as one of the most important elements of digital-asset companies that want to expand worldwide.
The licensing of Animoca is an advance towards the Dubai objective to compete with other major financial jurisdictions.
With the increasing demand for regulated digital asset services, the regulatory model of the emirate is likely to be the benchmark of other hubs in the world.
The fact that Dubai grants a VASP license to Animoca Brands highlights the emirate’s motives to be a major destination for digital asset firms.
Animoca Brands has a promising future in terms of increasing its services to institutional investors with the support of clear regulations and well-established institutional support.
The increased attention to controlled spaces underlines the significance of regulation in the changing digital asset industry.
The post Dubai Licenses Animoca Brands to Expand Institutional Web3 Services first appeared on Coinfea.
