In a press release dated Oct 31., WadzPay, a technology provider that facilitates virtual asset-based payments has shared the news that they have initial approval from Duba’s Virtual Assets Regulatory Authority (VARA), the competent entity in charge of regulating, supervising, and overseeing VAs and VA Activities.
This approval brings WadzPay one step closer to receiving the Virtual Asset Service Provider (VASP) License.
An immense honor
With this approval, WadzPay will not be in a place to continue preparations for the provision of virtual asset services under the VASP License for Transfer & Settlement and Broker/Dealer activities.
“We are immensely honored to have received initial approval from VARA. This recognition reaffirms our commitment to delivering cutting-edge blockchain-based solutions that not only revolutionize but also adhere to the highest regulatory standards. We are grateful for the opportunity to contribute to the growth of the fintech ecosystem in the UAE,” Anish Jain, founder and Group CEO of WadzPay said in the the announcement.
WadzPay Worldwide continues to be marketed as a prominent global provider of blockchain-based technology, delivering a platform known for its secure, efficient, and transparent services tailored to both businesses and individual users.
Dubai as a top expansion destination
Dubai remains a popular choice for companies dealing with crypto, even being referred to as what the Economic Times states as a “global hub for virtual asset innovations.”
This has led leading players like BitGo to share their own intentions to apply for a VASP license in the emirate.