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<ul> 
 <li>Dubai’s VARA grants “Initial Approval” to WadzPay for crypto services expansion.</li> 
 <li>Dubai reinforces its crypto-friendly stance with a growing number of VARA license recipients.</li> 
 <li>WadzPay’s milestone reflects Dubai’s promising future for crypto adoption.</li> 
</ul> 
<p>In a significant move towards expanding crypto adoption in Dubai, the <a href="https://www.vara.ae/en/" target="_blank" rel="noreferrer noopener nofollow">Dubai Virtual Assets Regulatory Authority (VARA)</a> granted “Initial Approval” to <a href="https://wadzpay.com/" target="_blank" rel="noreferrer noopener nofollow">WadzPay</a> on October 31. This marks a crucial step in WadzPay’s journey to secure a comprehensive Virtual Asset Service Provider (VASP) license, focusing on virtual asset services and activities.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f3d9.png" alt="🏙" class="wp-smiley" style="height: 1em; max-height: 1em;"> Dubai Moves Forward with Crypto Adoption as WadzPay Secures VARA Initial Approval<a href="https://twitter.com/WadzPay?ref_src=twsrc%5Etfw">@WadzPay</a> attains initial VARA approval, advancing crypto adoption in Dubai.<a href="https://twitter.com/hashtag/CryptoNews?src=hash&amp;ref_src=twsrc%5Etfw">#CryptoNews</a> <a href="https://twitter.com/hashtag/Dubai?src=hash&amp;ref_src=twsrc%5Etfw">#Dubai</a><a href="https://t.co/c6MdjlThYP">https://t.co/c6MdjlThYP</a></p>— Cryptonews.com (@cryptonews) <a href="https://twitter.com/cryptonews/status/1720121232148849141?ref_src=twsrc%5Etfw">November 2, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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</figure> 
<p>The initial approval from VARA allows WadzPay to prepare for offering virtual asset services in two key areas: Transfer and Settlement, and Broker/Dealer operations. While it greenlights these services, the approval also specifies that WadzPay is not permitted to introduce any other virtual asset products or services. WadzPay, renowned for its diverse offerings, caters to both businesses and individual users.</p> 
<p>Dubai has been actively creating a favorable regulatory environment for crypto companies. It has recently issued operational licenses to crypto exchanges and related firms. With comprehensive regulations for VASPs, Dubai is solidifying its reputation as a jurisdiction welcoming to crypto initiatives.</p> 
<p>Mr. Anish Jain, Founder and Group CEO of WadzPay, expressed gratitude for receiving the initial approval from VARA and reaffirmed the commitment to delivering innovative blockchain-based solutions that adhere to the highest regulatory standards.</p> 
<p>To obtain a VARA license, companies must navigate a three-tier process, including securing provisional approval, achieving a Minimal Viable Product (MVP) license, and ultimately attaining a full market product license.</p> 
<p>Other notable recipients of VARA licenses include Backpack, Komainu, Laser Digital, and Binance, highlighting <a href="https://cryptonewsland.com/uae-leads-in-global-crypto-ownership-us-in-the-mix-despite-sec-opposition/" target="_blank" rel="noreferrer noopener">Dubai’s commitment to fostering a crypto-friendly regulatory environment</a>.&nbsp;</p> 
<p>As crypto adoption gains momentum worldwide, <a href="https://cryptonewsland.com/uae-holds-the-largest-population-of-crypto-owners-poll/" target="_blank" rel="noreferrer noopener">Dubai’s dedication to balancing investor protection</a> with innovation is evident. With companies like WadzPay making strides, the future of crypto adoption in Dubai appears promising.</p> 
<h4 class="wp-block-heading" id="h-read-also">Read Also</h4> 
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 <li><a href="https://cryptonewsland.com/dubai-vara-2023-brings-clear-crypto-rules-to-investors/">Dubai VARA 2023 Brings Clear Crypto Rules to Investors</a></li>
 <li><a href="https://cryptonewsland.com/okx-middle-east-receives-mvp-preparatory-license-from-vara-in-dubai/">OKX Middle East Receives MVP Preparatory License From VARA in Dubai</a></li>
 <li><a href="https://cryptonewsland.com/binance-granted-mvp-becomes-stronger-player-in-dubai/">Binance Granted MVP, Becomes Stronger Player in Dubai</a></li>
 <li><a href="https://cryptonewsland.com/dubai-watchdog-releases-regulations-on-virtual-assets/">Dubai Watchdog Releases Regulations on Virtual Assets</a></li>
</ul> 
<p>The post <a href="https://cryptonewsland.com/dubai-advances-crypto-adoption-wadzpay-receives-vara-initial-approval/">Dubai Advances Crypto Adoption: WadzPay Receives VARA Initial Approval</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Dubai Advances Crypto Adoption: WadzPay Receives VARA Initial Approval

Crypto News Land

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