Antier Launches VARA-Compliant Crypto Exchange for UAE Market
Tech firm Antier has launched a white-label crypto exchange software platform for the UAE and wider MENA region. The new offering is designed to be compliant with Dubai's Virtual Asset Regulatory Authority (VARA) framework. The platform is aimed at financial institutions looking to enter the regulated digital asset markets in the region.
- Dubai's Virtual Asset Regulatory Authority (VARA) was established in March 2022 to create a legal framework for the crypto industry, aiming to protect investors and foster innovation. All virtual asset service providers operating in Dubai must obtain a VARA license. - The MENA region has become the world's seventh-largest crypto market, with an estimated $338.7 billion in on-chain value received between July 2023 and June 2024. The UAE is a key driver of this growth, experiencing a 42% year-over-year increase in crypto value received during the same period. - The regional market is heavily influenced by large-scale investors, with 93% of crypto transaction volume in MENA coming from institutional transfers of $10,000 or more. - Antier's white-label platform is designed for this institutional market, integrating services beyond trading, such as the issuance and secondary trading of tokenized real-world assets (RWAs), stablecoin-based remittance, and institutional-grade custody solutions. - Compliance with VARA requires companies to have a physical presence in Dubai, demonstrate a clear ownership structure, and appoint senior individuals responsible for ensuring adherence to all legal and regulatory obligations. - The launch aligns with Dubai's explicit strategy to position itself as a global hub for virtual assets and develop its digital economy, which already generates approximately AED 100 billion (around $27.2 billion). - In a survey, 72% of crypto adopters in the UAE have invested in Bitcoin, and the country shows a strong preference for stablecoins, which account for over 51% of cryptocurrency volume received.
