Hong Kong-headquartered Animoca Brands is shaping up its role in the international crypto fabric. In a fresh development, the mobile game-major secured accreditation to offer crypto services in the Web3 hotspot itself, Dubai.
VARA, Dubai’s crypto regulatory authority, has granted Animoca Brands the Virtual Assets Service Provider (VASP) licence. Under this, the platform will be able to offer crypto services like exchange, trading, and custody in Dubai.
The development marks a milestone moment for the maker of The Sandbox in its plan to expand its footing in the UAE. In November last year, it had roped-in in-principle approval in Abu Dhabi to approve as a fund manager.
Since being launched in 2014, Animoca has released a number of Web3 games with The Sandbox being one of them — to become an established player in the metaverse sector. Before that, the brand was a mobile gaming mammoth with titles like Benji Bananas and Crazy Defense Heroes under its belt.
For now, Animoca has not outlined its exact plan for Dubai expansion.
Under VARA’s oversight, digital assets firms operating in Dubai are mandated to maintain transparent KYC details of the users and a strict adherence to the anti money laundering and counter terror financing guidelines.
Given Dubai’s level of clarity in its crypto regulatory regime, a number of digital asset firms have flocked to the Emirate in recent times. Binance, for instance, has positioned a key presence in Dubai’s ecosystem alongside other players like Crypto.com.