In a groundbreaking development, WadzPay has received “Initial Approval” from Dubai’s Virtual Assets Regulatory Authority (VARA), marking a pivotal step in the company’s journey towards securing a Virtual Asset Service Provider (VASP) License for virtual asset services and activities. This recognition reaffirms WadzPay’s dedication to delivering cutting-edge blockchain-based solutions while adhering to the highest regulatory standards, heralding a new era in fintech innovation in the UAE.
WadzPay’s Founder and Group CEO, Mr. Anish Jain, expressed his excitement about the news, stating, “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.”
This Initial Approval serves as a significant milestone for WadzPay, allowing them to begin preparations for providing virtual asset services and activities under the VASP License for Transfer & Settlement and Broker/Dealer activities.
Mr. Khaled Moharem, President – MENA at WadzPay, shared his thoughts on this achievement, “Receiving VARA’s initial approval is a testament to our unwavering dedication to regulatory and compliance excellence. We’ve built a robust ecosystem that not only meets but exceeds industry standards, guaranteeing a safe and efficient gateway to virtual assets for users in the UAE. We’re poised to launch with strict adherence to VARA’s requirements, ushering in a new era of secure and seamless access to the world of virtual assets.”
While this initial approval is a significant achievement, WadzPay emphasizes that the company is still in the process of working towards securing the final approval from VARA and obtaining the VASP license. This progression marks a crucial step towards gaining the necessary regulatory green light to operate fully within the UAE and bring its innovative products and solutions to life.
About WadzPay:
WadzPay Worldwide is a leading global provider of blockchain-based technology. The company’s innovative platform offers secure, efficient, and transparent services, catering to both businesses (B2B) and individual users (B2B2C). With a commitment to driving financial inclusion and revolutionizing the virtual asset landscape, WadzPay is at the forefront of digital transformation.
In conclusion, WadzPay’s Initial Approval from VARA represents a significant leap forward in the company’s journey to establish itself as a key player in the fintech landscape. With their unwavering commitment to regulatory excellence and their focus on bringing innovative solutions to users in the UAE, WadzPay is poised for a bright and promising future in the world of virtual assets. This development not only strengthens their position as a leader in blockchain technology but also highlights their dedication to shaping the future of financial services in the region.