Dubai’s Pioneering Move in Crypto Adoption: WadzPay Secures VARA Initial Approval

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Key takeaways : 

  • WadzPay Takes a Major Step with VARA Initial Approval in Dubai
  • Dubai has actively fostered a crypto-friendly environment, promoting cryptocurrency adoption and innovation.

In a recent groundbreaking development, WadzPay has received its initial approval from Dubai’s Virtual Assets Regulatory Authority (VARA), marking a significant milestone in the fintech company’s journey. 

WadzPay is renowned for its innovative blockchain-based solutions and is now on track to establish a prominent presence in the UAE’s rapidly evolving financial technology sector.

WadzPay is among the front-runners in a competitive field aiming to transform the landscape of virtual asset services. Anish Jain, the founder and group CEO of WadzPay, expressed deep appreciation for VARA’s initial approval, recognizing the importance of this regulatory milestone.

Dubai'S Pioneering Move In Crypto Adoption: Wadzpay Secures Vara Initial Approval

This achievement follows the recent announcement made by Nomura’s digital asset subsidiary in Dubai, Laser Digital Middle East FZE, which disclosed its ability to offer broker-dealer, virtual asset management, and investment services in the emirate owing to its new virtual asset service provider (VASP) license.

Furthermore, the world’s largest cryptocurrency exchange, Binance, has successfully obtained an operational MVP from VARA, underscoring its clear intent to provide cryptocurrency exchange and virtual asset broker-dealer services in the region.

WadzPay’s VARA license permits the company to begin preparations to provide virtual asset services and activities under the VASP License for Transfer and Settlement and Broker/Dealer activities. 

It’s important to note that this VARA license specifically covers these services and does not extend to WadzPay’s full range of virtual asset products and services, which cater to both businesses (B2B) and individual users.

Dubai has been actively fostering a crypto-friendly environment, issuing operational licenses to various crypto exchanges and companies in recent months. Its regulatory framework is built on solid foundations, with comprehensive guidelines for Virtual Asset Service Providers. 

To fully operate within this framework, crypto firms must navigate a meticulous three-tier licensing process, which includes provisional approval, a minimal viable product (MVP) license, and ultimately, a total market product license. While this initial approval is a significant achievement for WadzPay, it represents only a portion of its full array of virtual asset offerings.

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Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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