Dubai Moves Forward with Crypto Adoption as WadzPay Secures VARA Initial Approval
On October 31, the Dubai Virtual Assets Regulatory Authority (VARA) gave “Initial Approval” to WadzPay signifying a noteworthy stride towards broadening crypto adoption in Dubai. The approval is part of WadzPay’s progress toward achieving a comprehensive Virtual Asset Service Provider (VASP) license, focusing primarily on virtual asset services and activities.
VARA’s initial approval enables WadzPay to prepare to present virtual asset services in two primary areas: Transfer and Settlement, and Broker/Dealer operations. While the license grants approval to these services, it specifies that WadzPay cannot introduce any other virtual asset products or services. WadzPay, known for its wide-ranging offerings, caters to business entities and individual users.
Dubai has been a major player in establishing a favorable environment for cryptocurrency
companies, highlighted by the issuance of multiple operational licenses to crypto exchanges and other related firms in recent months. With a comprehensive set of regulations for Virtual Asset Service Providers (VASPs), Dubai reinforces its position as a jurisdiction welcoming to crypto initiatives.
And yes, It's a giant leap! $WTK
You can bet your ass that the amount of business in Dubai + UAE will sky rocket.
The only Blockchain Payments company to get both VARA and VASP regulation
Read more on cryptonews.com
