The Hong Kong-based Web3 giant Animoca Brands has officially obtained a Virtual Asset Service Provider (VASP) license in Dubai. This regulatory milestone, granted by the Virtual Assets Regulatory Authority (VARA), empowers the company to significantly scale its presence within the Middle East’s burgeoning digital asset market.
Expansion of Regulated Services
The license, which became effective on February 5, authorizes Animoca Brands to operate as a regulated entity providing broker-dealer and investment management services for virtual assets. These services will be conducted from Dubai’s mainland and free zones, targeting a specific tier of clients:
- Institutional Investors: Global organizations looking for regulated Web3 exposure.
- Qualified Investors: High-net-worth individuals and professional entities.
Omar Elassar, Managing Director for the Middle East at Animoca Brands, noted that the license provides a “well-regulated framework” to deepen partnerships with Web3 foundations and institutional players globally.
A Growing Web3 Powerhouse
As a leading developer and investor in the decentralized space, Animoca Brands oversees a massive ecosystem that includes:
- Core Projects: The Sandbox, Moca Network, and Open Campus.
- Investment Portfolio: Over 600 companies and digital asset initiatives.
- Recent Acquisitions: In January, the firm acquired Somo, further integrating playable digital collectibles into its expansive blockchain gaming portfolio.
Dubai’s Regulatory Landscape
Animoca Brands joins a growing list of industry leaders, such as BitGo, in choosing Dubai as a regional hub. Since its inception in 2022, VARA has maintained a strict oversight environment. The regulator recently issued penalties against 19 firms for unlicensed activities, signaling that while Dubai is open for business, compliance with marketing and operational standards is non-negotiable.
