WadzPay has achieved a significant milestone in the cryptocurrency domain with the ‘initial approval’ granted by the Dubai Virtual Assets Regulatory Authority (VARA). This initial sanction is a crucial step for WadzPay on its path to securing a comprehensive Virtual Asset Service Provider (VASP) license, allowing the company to expand its virtual asset services and activities in Dubai.
Preparing for Expanded Services with Dubai VARA Licensing
This ‘initial approval’ from Dubai VARA Licensing enables WadzPay to begin preparations for offering a range of virtual asset services, particularly focusing on asset transfers, settlements, and broker/dealer activities. It is important to note that this stage of the Dubai VARA Licensing process does not yet permit WadzPay to provide its complete suite of virtual asset products and services.
WadzPay’s platform, which is now set to enhance its presence under Dubai’s regulatory framework, is designed to serve both business clients and individual consumers, targeting B2B (business-to-business) and B2B2C (business-to-business-to-consumer) market segments.