March 27, 2024
Dubai VARA Grants Preliminary Approval to WadzPay
Latest Cryptocurrency News

Dubai VARA Grants Preliminary Approval to WadzPay

WadzPay, a crypto firm, has received an “Initial Approval” license from the Dubai Virtual Assets Regulatory Authority (VARA), marking a significant milestone on its path to obtaining a Virtual Asset Service Provider (VASP) license for virtual asset services and activities. This initial license allows WadzPay to begin preparations for offering virtual asset services related to transfer, settlement, and broker/dealer activities. However, it does not grant permission for the company to provide its full range of virtual asset products and services.

Dubai’s regulatory body has been actively granting operational licenses to crypto exchanges and firms in recent months, solidifying its reputation as a crypto-friendly jurisdiction with comprehensive regulations for Virtual Asset Service Providers (VASPs). The process to obtain a VARA license in Dubai involves three stages: provisional approval, a minimal viable product (MVP) license, and a total market product license.

In a similar vein, the cryptocurrency wallet Backpack was granted a VASP license in Dubai, leading to the launch of Backpack Exchange, which focuses on crypto exchange services within Dubai. This platform incorporates advanced features such as zero-knowledge proof-of-reserves, multi-party computation for custody, and high-speed order execution.

Komainu, a joint venture involving Nomura, CoinShares, and Ledger, received a full operating license from Dubai’s VARA. This milestone came almost 10 months after securing its MVP license in November 2022. Nomura’s subsidiary, Laser Digital, also obtained a VASP license through its Middle East-based entity, allowing it to offer brokerage, virtual asset management, and investment services in Dubai. These developments showcase Dubai’s commitment to embracing the digital asset sector and facilitating the growth of crypto-related businesses in the region.

Image by wirestock on Freepik

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