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- Bitget, one of the world’s top crypto exchanges, plans to apply for a VARA license.
- It wants to establish a hub in Dubai and reinforce its expansion in the Middle East.
- Bitget’s services are currently available in 100 countries.
Bitget Expansion in Dubai
According to the Arabian Business, Bitget intends to apply for a license from the Virtual Assets Regulatory Authority (VARA), Dubai’s regulator. The move aligns with the Seychelles-based company’s plan to make the Middle East a “preferred market” where it can offer its full range of crypto trading solutions, including spot trading, futures trading, and copy trading.
Vugar Usi Zade, Chief Operating Officer of Bitget, stated that the company seeks to capitalize on the region’s growing interest in cryptocurrency adoption. He also considers the area’s strategic location and favorable regulatory climate to be very advantageous for the operations of the crypto exchange.
“Bitget’s decision to choose the Middle East as a preferred market is driven by the region’s growing interest in cryptocurrency adoption and its favorable regulatory environment,” said Usi Zade. “The region’s strategic geographic location serves as a bridge between major global markets, enhancing its appeal as a hub for crypto innovation and investment.”
Crypto Penetration in MENA
The Bitget COO noted that the crypto sector in the UAE and the broader Middle East and North Africa (MENA) region has been exhibiting increasing institutional and retail participation. The regulatory clarity in areas such as Dubai is the primary driver for this trend.
In addition, the area’s growing number of young, tech-savvy population and high Internet penetration are reinforcing the pace of adoption. However, Usi Zade emphasized that Bitget is embarking on its expansion cautiously in other countries within the Middle East due to their varying degrees of regulatory restrictions.
Based on the report of Social Capital Markets, Dubai emerged as the top destination for crypto-related business in 2024. This is owing to the area’s high crypto adoption rate, regulatory clarity, and clear-cut taxation. It’s followed by Switzerland and South Korea in the rankings.
Bitget hinted at its interest in building up its business in the UAE during the Ton Gateway in Dubai last November. The event notably highlighted TON’s integration with Telegram.
Bitget is currently available in over 100 countries across the European and Asia-Pacific (APAC) regions. It holds a license in Australia and is working on its compliance with the EU’s MiCA (Markets in Crypto-Assets) framework.
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