An Immense Honor: WadzPay Receives Initial Approval from VARA
In an announcement on Oct 31., WadzPay, a technology provider facilitating virtual asset-based payments, revealed that they have received initial approval from Dubai’s Virtual Assets Regulatory Authority (VARA). VARA is responsible for regulating and supervising virtual assets and their activities.
This approval brings WadzPay one step closer to obtaining the Virtual Asset Service Provider (VASP) License. With this approval, WadzPay can now proceed with preparations to provide virtual asset services under the VASP License for Transfer & Settlement and Broker/Dealer activities.
Founder and Group CEO of WadzPay, Anish Jain, expressed gratitude for the recognition and stated their commitment to delivering innovative blockchain solutions that adhere to regulatory standards. WadzPay Worldwide is known for its secure, efficient, and transparent services tailored to businesses and individual users.
Dubai: A Top Destination for Expansion
Dubai has established itself as a leading destination for crypto companies, often referred to as a “global hub for virtual asset innovations.” This reputation has attracted major players like BitGo, who have expressed their intentions to apply for a VASP license in the emirate.
Hot Take: Dubai’s Growing Influence in the Crypto Space
Dubai’s approval of WadzPay’s initial application further cements its position as a key player in the crypto industry. The city’s progressive approach to regulation and its reputation as an innovation hub make it an attractive destination for companies seeking to operate in the virtual asset space. With VARA’s oversight, Dubai ensures that virtual asset activities are regulated and supervised effectively. This recent development highlights Dubai’s commitment to fostering the growth of the fintech ecosystem and its role in driving the adoption of blockchain-based solutions.
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