Animoca gets VARA licence for institutional crypto services in Dubai

Animoca Brands has formally received authorisation to operate under Dubai’s dedicated virtual asset regime, after being granted a Virtual Asset Service Provider licence by the Virtual Assets Regulatory Authority.

The approval, confirmed in a February 16 statement and reflected on VARA’s public register as issued on Feb. 5, allows the Hong Kong-founded Web3 investor to begin offering virtual asset broker-dealer services as well as management and investment services in and from Dubai, excluding the Dubai International Financial Centre.

The permissions are limited to institutional and qualified investors, placing the company under VARA’s direct supervisory framework.

Established under Dubai Law No. 4 of 2022, VARA oversees the provision, exchange, and use of digital assets across the emirate’s mainland and designated free zones. 

Since its formation in March 2022, the regulator has positioned itself as an independent authority focused solely on virtual assets.

“Receiving the VASP licence from VARA is an important milestone for Animoca Brands’ operations, particularly in Dubai and the Middle East. This licence enhances our ability to engage with Web3 foundations as well as global institutional and qualified investors within a well-regulated framework,” Animoca Brands' head of global strategic partnerships Omar Elassar said in an accompanying statement.

Animoca established a physical presence in Dubai in early 2025 as demand for Web3 infrastructure and advisory services accelerated across the MENA region. 

Subsequently, it secured in principle approval from VARA in October 2025, alongside preliminary clearance from the Abu Dhabi Global Market in November.

Animoca Brands is a Web3 powerhouse

Animoca Brands has built its reputation around advancing digital property rights through blockchain networks, NFTs, and token-based ecosystems. 

Its portfolio spans more than 600 companies and digital asset initiatives, ranging from gaming studios to financial services protocols.

The group develops and backs platforms including Moca Network, The Sandbox, and Open Campus, while also investing in frontier infrastructure and application layer projects. 

In recent years, the firm has moved beyond simple game publishing to explore advanced frontiers in the crypto economy, which includes the development of institutional-grade platforms for tokenomics design, community engagement, and digital asset treasury management. 

Animoca has also deepened its commitment to the Bitcoin ecosystem, recently acquiring PROS tokens to support on-chain Bitcoin mining power.

Dubai's cautious approach to crypto

Meanwhile, Dubai has rapidly emerged as a global magnet for the crypto industry, largely due to VARA’s role as the world’s first independent virtual asset regulator. 

Since its inception, VARA has issued dozens of licenses to major industry players, including Ripple, Binance, OKX, Crypto.com, and Bitpanda.

Despite Dubai's reputation as a burgeoning crypto hub, its regulatory warmth has its limits; the emirate has taken a stern position on which tokens can circulate, effectively blacklisting privacy-focused coins to maintain a transparent and compliant financial ecosystem.

Under the current framework, the 'stablecoin' label is also strictly reserved for tokens maintaining a 1:1 backing with fiat or equivalent liquid assets, effectively sidelining algorithmic or under-collateralised models.