An innovative finance startup clears the path for its UAE launch by standing out from hundreds of applications with blockchain-based technology offerings that have distinctive features.
A major milestone in WadzPay’s quest to earn a Virtual Assets Service Provider (VASP) Licence for digital asset services and operations has been reached with the company’s “Initial Approval” from Dubai’s Virtual Asset Regulatory Authority (VARA).
“We are incredibly grateful for the initial blessing from VARA,” WadzPay’s founder and group CEO, Mr. Anish Jain, stated. “This acknowledgement highlights our dedication to providing innovative solutions based on blockchain technology that not only transform but also follow the strictest legal guidelines. We are appreciative of the chance to support the development of the UAE’s fintech industry.”
WadzPay can now begin preparing to provide virtual asset products and services under the VASP Licence for Transfer & Settlements and Broker/Dealer operations. This first authorization is a significant milestone.
Mr. Khaled Moharem, Director of WadzPay’s MENA region, said, “Getting VARA’s initial authorization is an indication to our unwavering commitment to regulatory and operational excellence.” “We have established a strong ecosystem that not only satisfies but beyond industry norms, ensuring that users in the UAE have a secure and effective gateway to virtual assets. We are ready to go live, strictly adhering to VARA’s guidelines, and bringing in an age of safe and easy access to the virtual asset world.”
WadzPay notes that although the initial clearance is a significant milestone, it remains in the stage of obtaining the VASP license and its final authorization from VARA. This development is an important step toward getting the approval from the relevant authorities to operate fully in the UAE and commercialize its creative products and solutions.