Dubai

<div class="cryptonews">
 <p class="is-style-lead">Backpack, a leading provider of blockchain-based financial services, has announced the <a rel="noopener noreferrer nofollow" title="launch" href="https://thebittimes.com/tag/launch.html">launch</a> of its <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a>, Backpack Exchange.</p>
 <p>The new platform has received approval for a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Asset Regulatory Authority (VARA), marking a significant milestone in the company’s expansion into the digital asset market.</p>
 <p>The Backpack Exchange aims to provide a secure and user-friendly trading environment for both retail and institutional investors. Additionally, Backpack Exchange plans to introduce innovative <a rel="noopener noreferrer nofollow" title="Category Features" href="https://thebittimes.com/features.html">Features</a> such as staking, lending and margin trading to cater to the diverse needs of its users.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Crypto custodian BitGo eyes Dubai expansion, applies for license
 </div>
 <p>The approval of the VASP license by VARA is a testament to Backpack’s commitment to regulatory compliance and security. VARA is known for its stringent regulatory framework, which ensures that licensed entities adhere to the highest standards of transparency, consumer protection and anti-money laundering (AML) practices. Backpack’s successful acquisition of the VASP license demonstrates the company’s dedication to operating within the legal and regulatory boundaries set by authorities.</p>
 <p>Backpack’s entry into the cryptocurrency exchange market is expected to bring increased competition and innovation to the industry. The company’s strong reputation in blockchain-based financial services, coupled with its focus on regulatory compliance, positions it as a reliable and trustworthy player in the digital asset space.</p>
 <p>The <a rel="noopener noreferrer nofollow" title="launch" href="https://thebittimes.com/tag/launch.html">launch</a> of Backpack Exchange is also seen as a positive development for the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency ecosystem in Dubai. The city has been actively positioning itself as a hub for blockchain and digital asset innovation. Approving Backpack’s VASP license aligns with Dubai’s vision of becoming a leading global center for fintech and digital assets.</p>
 <p>In conclusion, Backpack’s launch of its cryptocurrency exchange and the receipt of the VASP license from VARA mark essential steps forward in the company’s growth strategy. The new platform is poised to offer a comprehensive suite of services to cryptocurrency traders and investors while adhering to the highest standards of regulatory compliance and security.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Borroe Exchanges and miners to meet at Blockchain Life in Dubai
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/backpack-launches-crypto-exchange-in-dubai-tbt68551.html">https://thebittimes.com/backpack-launches-crypto-exchange-in-dubai-tbt68551.html</a></p>

Backpack launches crypto exchange in Dubai

TheBitTimes

Other articles published on Oct 31, 2023

KuCoin’s Survey Report Reveals Insights into UAE’s Role as a Crypto Hub, With 72% Preference in B...

El Salvador: A Second Term for the Pro-Bitcoin President?

October 31 Ethereum Price Analysis: Where’s the Next Stop for ETH Price?

Binance Launches Buy Low-Sell High for Top Cryptos

Top Reasons Why THORChain ($RUNE) Price Is Surging!

Cardano Climbs TVL Ranks: 198% Yearly Surge Puts Network Among Top 15

Join our free newsletter for daily crypto updates!