Animoca Brands clears major regulatory hurdle with new Dubai license

Digital asset venture capital company Animoca Brands has won regulatory approval in Dubai.

Animoca has been granted a Virtual Asset Service Provider (VASP) license from the Emirate's regulatory authority for the digital asset industry, the firm announced via email on Monday.

The Hong Kong-headquartered company, which won in-principle approval as a regulated fund manager in Abu Dhabi in November, said the license allows it to commence operations in Dubai, offering broker-dealer services and digital asset management and investments.

Dubai established its Virtual Assets Regulatory Authority (VARA) in 2022 to oversee the licensing and operation of cryptocurrency and crypto-adjacent companies, and has since been central to the Emirate's growth into a digital asset hub. Prominent exchanges such as Binance and OKX have also won regulatory approval there.

Animoca, which filed to list on the Nasdaq in the U.S. through a reverse merger late last year, manages a portfolio of over 600 blockchain investments and offers institutional services such as crypto treasury management and digital asset infrastructure.