A crypto staking specialist is looking to expand to the United Arab Emirates, marking the latest segment player looking to set up shop there.

Northstake has gained initial approval from Dubai’s Virtual Asset Regulatory Authority (VARA) — a first step toward getting a Virtual Asset Service Provider (VASP) license, the company told Blockworks.

Such a license will allow the Denmark-based company to offer crypto custody services, like custodial staking, to institutional investors in the emirates. It ultimately seeks to use the UAE as “a strategic base” to survey expansion options. 

Northstake CEO Jesper Johansen said the UAE is “becoming a global frontrunner in virtual assets.”…

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