The Dubai Virtual Assets Regulatory Authority (VARA) has granted an “Initial Approval” license to WadzPay, a crypto firm, as part of its journey to obtain a Virtual Asset Service Provider (VASP) license. This license allows WadzPay to begin preparations for offering virtual asset services and activities under the VASP License for Transfer and Settlement and Broker/Dealer activities. However, the VARA license does not permit the company to provide any other virtual asset products and services. WadzPay’s platform caters to both businesses (B2B) and individual users (B2B2C). Dubai has been actively issuing operational licenses to crypto exchanges and firms, solidifying its position as a crypto-friendly jurisdiction. The regulatory body, VARA, has established comprehensive rulebooks for Virtual Asset Service Providers (VASPs). Obtaining a VARA license in Dubai involves a three-step process, including provisional approval, a minimal viable product (MVP) license, and a total market product license. In addition to WadzPay, other companies such as Backpack and Komainu have also received VASP licenses from VARA. These licenses allow them to operate within Dubai’s crypto exchange services, but restrict their operations to specific virtual asset offerings. Laser Digital, a subsidiary of Nomura, has also secured an operating license from VARA, enabling it to provide brokerage, virtual asset management, and investment services in Dubai. This move is part of Nomura’s efforts to establish a presence in the digital asset sector. Binance, through its MVP license from VARA, has also obtained permission to operate cryptocurrency exchange and virtual asset broker-dealer services locally.

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Information	Details
Geography	Middle East
Countries	🇦🇪
Sentiment	positive
Relevance Score	1
People	None
Companies	Backpack, Dubai Virtual Assets Regulatory Authority (VARA), Komainu, Laser Digital, WadzPay
Currencies	None
Securities	None