Dubai Advances Crypto Adoption: WadzPay Receives VARA Initial Approval

  • Dubai’s VARA grants “Initial Approval” to WadzPay for crypto services expansion.
  • Dubai reinforces its crypto-friendly stance with a growing number of VARA license recipients.
  • WadzPay’s milestone reflects Dubai’s promising future for crypto adoption.

In a significant move towards expanding crypto adoption in Dubai, the Dubai Virtual Assets Regulatory Authority (VARA) granted “Initial Approval” to WadzPay on October 31. This marks a crucial step in WadzPay’s journey to secure a comprehensive Virtual Asset Service Provider (VASP) license, focusing on virtual asset services and activities.

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The initial approval from VARA allows WadzPay to prepare for offering virtual asset services in two key areas: Transfer and Settlement, and Broker/Dealer operations. While it greenlights these services, the approval also specifies that WadzPay is not permitted to introduce any other virtual asset products or services. WadzPay, renowned for its diverse offerings, caters to both businesses and individual users.

Dubai has been actively creating a favorable regulatory environment for crypto companies. It has recently issued operational licenses to crypto exchanges and related firms. With comprehensive regulations for VASPs, Dubai is solidifying its reputation as a jurisdiction welcoming to crypto initiatives.

Mr. Anish Jain, Founder and Group CEO of WadzPay, expressed gratitude for receiving the initial approval from VARA and reaffirmed the commitment to delivering innovative blockchain-based solutions that adhere to the highest regulatory standards.

To obtain a VARA license, companies must navigate a three-tier process, including securing provisional approval, achieving a Minimal Viable Product (MVP) license, and ultimately attaining a full market product license.

Other notable recipients of VARA licenses include Backpack, Komainu, Laser Digital, and Binance, highlighting Dubai’s commitment to fostering a crypto-friendly regulatory environment. 

As crypto adoption gains momentum worldwide, Dubai’s dedication to balancing investor protection with innovation is evident. With companies like WadzPay making strides, the future of crypto adoption in Dubai appears promising.

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