Another crypto company eyes expansion to innovation-friendly UAE

Denmark-based Northstake looks to use Dubai as “a strategic base” to survey expansion options

article-image

Rasto SK/Shutterstock modified by Blockworks

share

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.” Interest in Dubai among crypto firms picked up after the emirate established VARA in March 2022 — a regime industry executives have said fosters innovation in the segment.  

Read more: Dubai is the latest government to roll out crypto law, set up regulator

“Our ambition is to contribute to the growth of the crypto ecosystem in the UAE, leveraging our expertise and innovative solutions in digital asset investments to support the region’s financial institutions and our local partners on innovative digital asset products,” Johansen told Blockworks. 

Institutional investments — ones that exceed $1 million in value — made up about two-thirds of crypto transactions in the UAE between July 2022 and June 2023, according to a September Chainalysis report.

“This market confidence is validation of the efforts being made by the country’s leadership to offer commendable regulatory clarity and establish the nation as a global crypto hub,” Chainalysis’ research director Kim Grauer said in a statement at the time.

Northstake is just the latest crypto company moving into the region. 

Crypto custodian Komainu was among the first to receive a full VASP license in August — though many have sought to offer services there

Laser Digital, the crypto unit of Japanese bank Nomura, garnered a full crypto license from Dubai’s VARA that same month. M2 Exchange also gained the ability to offer custody and multilateral trading services for UAE residents around that time.

The move comes nearly a year after Northstake raised about $3 million to bolster its staking products for institutions. The company, with its multi-chain platform comprising yield-generating products, partnered with Coinify in August to serve the firm’s institutional and high net worth clients.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (1).png

Research

Aave’s revenues have doubled from April lows and are fast approaching all-time highs. With 35% of borrow interest coming from ETH and 55% from stablecoins, Aave is emerging as a powerful proxy as an ETH and stablecoin beta. As looping strategies accelerate growth and Horizon positions the protocol to ride the RWA wave, Aave is shaping up as one of DeFi’s most compelling multi-narrative plays.

article-image

Private testnet aims to deliver low-cost settlement with partners including Visa, Deutsche Bank, and OpenAI

by Blockworks /
article-image

Solana saw $78 million in REV for August

article-image

Lit Protocol’s Vincent is shifting agentic finance from toy demos to production rails

article-image

The new system aims to unify Europe’s fragmented tokenized asset settlement and cut cross-border costs

by Blockworks /
article-image

Tron slashed fees by 60% as Plasma looms, threatening its USDT moat

article-image

The acquisition adds evaluation-based funding to Kraken Pro, giving traders access to capital on performance

by Blockworks /