WadzPay moves closer to obtaining a full VASP license, highlighting Dubai's position as a crypto-friendly jurisdiction
Dubai's Virtual Assets Regulatory Authority (VARA) has granted an "Initial Approval" license to the crypto firm WadzPay. This move marks a significant step towards the company's goal of obtaining a Virtual Asset Service Provider (VASP) license.
The "Initial Approval" license allows WadzPay to start preparations to provide virtual asset services and activities. This is a significant milestone for the company and brings it closer to securing a full VASP license. WadzPay's platform caters to both businesses and individual users, offering a range of virtual asset services.
Dubai has been issuing operational licenses to various crypto exchanges and firms, thereby solidifying its position as a crypto-friendly jurisdiction. The approval granted to WadzPay is not an isolated incident but part of a larger trend. Other companies, such as Backpack and Komainu, have also received VASP licenses from VARA.
The granting of these licenses indicates the promising future and unprecedented growth of digital assets in Dubai. The city's commitment to fostering a regulated crypto environment is attracting major players in the crypto industry. This move not only highlights Dubai's growing prominence as a crypto hub but also sets a precedent for other jurisdictions to follow.
The "Initial Approval" granted to WadzPay by VARA is a significant step towards the company's goal of obtaining a full VASP license. This move, along with the issuance of similar licenses to other crypto firms, underscores Dubai's position as a crypto-friendly jurisdiction. The city's commitment to fostering a regulated crypto environment suggests a promising future for digital assets in Dubai.