Solana

<p>The Dubai Virtual Assets Regulatory Authority (VARA) recently granted a Virtual Asset Service Provider (VASP) license to the Backpack crypto wallet project. This development has paved the way for the launch of Backpack Exchange, a crypto trading platform.</p><p><a href="https://www.prnewswire.com/news-releases/backpack-announces-launch-of-cryptocurrency-exchange-backpack-exchange-receives-approval-for-vasp-license-from-the-dubai-virtual-asset-regulatory-authority-301972208.html" rel="noopener noreferrer nofollow">Details</a> of the licensing approval and exchange launch were provided via a press release published by Backpack on Tuesday. The VASP license obtained by the fledgling startup is specific to crypto exchange services within the Dubai jurisdiction. Although it restricts Backpack from offering other virtual asset products and services, the company is embracing the opportunity via the newly launched exchange.</p><h2 id="header-0">Backpack Exchange</h2><p>The new exchange, Backpack Exchange, incorporates cutting-edge technologies such as zero-knowledge (ZK) proof-of-reserves, multi-party computation (MPC) for custody and low-latency order execution, among other features. These technologies are poised to enhance the security, privacy and efficiency of the exchange in an effort to set it apart in the competitive crypto market.</p><p>By all accounts, this will not be the last licensing announcement from Backpack. Over the past five months, Backpack Exchange has been working to secure operational licenses across multiple jurisdictions worldwide. This global expansion showcases the company’s interest in taking its product offering in the form of a secure and transparent trading experience further afield.</p><h2 id="header-1">Fiat-to-dApp bridge</h2><p>While the wallet currently operates without specific regulatory oversight, it serves as a bridge for users to transition seamlessly from fiat to on-chain applications. Armani Ferrante, CEO and Co-Founder of Backpack, expressed his ambition to bring greater transparency to the crypto exchange sphere. He emphasized the importance of trust and verification in a sector often shrouded in opacity.</p><p>Ferrante believes that leveraging cryptographic techniques such as zk-proofs, MPC, and state machine replication can elevate industry standards. Backpack Exchange aims to set a precedent by providing users with the tools and knowledge to verify transactions, ultimately fostering trust and confidence within the crypto community.</p><p>Dubai’s VARA regulator has been actively enhancing its crypto-friendly regulatory environment. In February 2023, the regulator issued guidelines for VASPs operating within the emirate, emphasizing the importance of adhering to marketing, advertising, and promotion regulations. Violators may face fines ranging from 20,000 UAE dirhams ($5,500) to 200,000 dirhams, with repeat offenders potentially incurring fines as high as 500,000 dirhams.</p><h2 id="header-2">Solana ecosystem project</h2><p>Backpack is very much a Solana-centric project. As a lead developer of the layer one blockchain, Ferrante is bullish in terms of future development on the Solana blockchain. His Mad Lads NFT project is the top-rated collection by market cap within the Solana ecosystem.</p><p>In a <a href="https://open.spotify.com/episode/7KBFSWpNcnO0WpSs6Ti307?si&#61;a5283d30a17f45f0" rel="noopener noreferrer nofollow">podcast</a> earlier this year, he outlined that the prospects for the blockchain are bright going forward. Backpack was first established by crypto infrastructure firm Coral, the creator of Anchor, one of the most popular smart contract developer frameworks for Solana.</p><p>For existing Backpack and Mad Lads users (Mad Lads is a collection of 9,966 NFTs created by Ferrante), exciting prospects are on the horizon via the new exchange. Initial access to Backpack Exchange will be granted starting in November, with full public availability anticipated in Q1 2024. During this interim period, Backpack plans to introduce various trading functionalities, including derivatives, margin trading and cross-collateralization.</p>

Backpack crypto wallet secures VASP license for crypto exchange in Dubai

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