Summary
TLDR: Northstake, a crypto staking specialist, is seeking to expand to the UAE after gaining initial approval from Dubai’s Virtual Asset Regulatory Authority. The company aims to offer crypto custody services to institutional investors and sees the UAE as a strategic base for further expansion. The move comes as the UAE has become a hub for crypto firms, with many receiving VASP licenses to operate in the region.
Key Points
1. Northstake has gained initial approval from Dubai’s Virtual Asset Regulatory Authority (VARA) for a Virtual Asset Service Provider (VASP) license, allowing them to offer crypto custody services to institutional investors in the UAE.
2. The UAE has become a global frontrunner in virtual assets, with interest from crypto firms increasing after the establishment of VARA in March 2022, which fosters innovation in the segment.
3. Other crypto companies, such as Komainu and Laser Digital, have also received licenses to offer services in the region, showcasing the growing interest in the UAE as a crypto hub.