Web3 investment firm Animoca Brands has received a Virtual Asset Service Provider license from Dubai’s Virtual Asset Regulatory Authority (VARA). With this permit, Animoca Brands is now authorized to offer brokerage and portfolio management services for digital assets, operating from Dubai. The license applies to areas outside the Dubai International Financial Centre and primarily targets corporate and qualified investors.
Strategic Expansion in the Middle East
Known for its investments in blockchain ventures and its contributions to the Web3 ecosystem, Animoca Brands has built an impressive portfolio that includes major platforms such as The Sandbox and Open Campus. The company’s 2024 acquisition of Somo further solidified its position within blockchain gaming and the digital collectibles space. Animoca has gained worldwide recognition by backing projects that span games, NFTs, and early-stage Web3 startups, strengthening its global footprint in the rapidly evolving sector.
Dubai’s Crypto Regulatory Landscape
Established in 2022, VARA is tasked with overseeing the digital asset market in Dubai, placing a regulatory framework around crypto activities across the city. By implementing forward-looking regulations and supporting innovative solutions, VARA aims to build Dubai into a regulated crypto hub. Recently, a growing number of digital asset firms have sought licenses in Dubai, including custodians and infrastructure providers like BitGo, moving to offer regulated services in the region.
VARA is also notable for its enforcement measures, applying sanctions against companies that operate without permission or breach marketing rules. This approach underlines Dubai’s strategy of balancing regulatory oversight with fostering innovation across the digital asset ecosystem.
Omar Elassar, Animoca Brands’ General Manager for the Middle East and head of global strategic partnerships, said the license will empower the company to collaborate more effectively with regional Web3 organizations and institutional investors worldwide. Elassar also emphasized that regulatory clarity plays a vital role in creating an environment conducive to secure and comprehensive innovation.
Omar Elassar highlighted that the new license will enable Animoca Brands to nurture fresh collaborations with Web3 projects and institutional stakeholders in the region, praising VARA’s supervisory approach for providing fertile ground for growth.
Animoca Brands’ approval appeared on VARA’s public register as of February 5. According to experts, the company’s ability to operate legally in the Middle East marks a significant step for fostering institutional cooperation and attracting new investments to the region.
Dubai’s evolving digital asset regulations are drawing heightened interest from international firms. Many crypto industry organizations have voiced that transparent and well-defined regulatory procedures are crucial for sustainable, long-term expansion in the sector.
Following this development, Animoca Brands is positioned to broaden its operations in the Middle East, leveraging legal frameworks and transparency as a foundation. The company is expected to further expand its activities in the region through new partnerships and projects, capitalizing on Dubai’s clear regulatory environment.
