Animoca Brands expands to the Middle East
The renowned game developer and non-fungible token (NFT) company Animoca Brands has received approval from the Dubai regulator to obtain a cryptocurrency operator (VASP) license. This will allow the company to expand its activities in the promising Middle East market, providing services to institutional and qualified investors under the supervision of the Dubai Virtual Assets Regulatory Authority (VARA).
For Animoca Brands, based in Hong Kong, entering the Middle East market is a logical next step. The company has already established itself as a key player in the development of Web3 and the metaverse, owning well-known projects such as The Sandbox, Revv Racing, and Phantom Galaxies. Obtaining a license in Dubai will allow it to offer its services to local institutional investors and expand its presence in the promising Middle Eastern market.
It is worth noting that Dubai is actively developing its reputation as a global crypto hub. In 2022, the emirate launched virtual asset regulation through VARA, which has already attracted many crypto companies. For Animoca Brands, aiming for global leadership in the metaverse, entering the Dubai market is an important strategic move.