Fun

News Feed - 2023-11-02 10:11:20

Amaka Nwaokocha10 hours agoDubai VARA grants ‘initial approval’ to crypto firm WadzPayThe license allows WadzPay to begin preparing to provide virtual asset services and activities under the VASP License for Transfer and Settlement and Broker/Dealer activities.1550 Total views7 Total sharesListen to article 0:00NewsJoin us on social networksThe Dubai Virtual Assets Regulatory Authority (VARA) has issued an “initial approval” license to crypto firm WadzPay, marking a pivotal step in the company’s journey toward obtaining a Virtual Asset Service Provider (VASP) license for virtual asset services and activities.


According to the announcement, Wadzpay’s VARA license allows it to commence preparations to provide virtual asset services and activities under the VASP License for Transfer and Settlement and Broker/Dealer activities. The VARA license does not allow the company to offer any other of its virtual asset products and services. The company’s platform offers services catering to businesses and individual users.


Dubai’s regulator has issued operational licenses of various stages to crypto exchanges and firms over the past few months, strengthening its position as a crypto-friendly jurisdiction with its regulatory body and comprehensive rulebooks for VASPs. Attaining a VARA license in Dubai is a three-step process requiring crypto exchanges to qualify for provisional approval, a minimal viable product (MVP) license and a total market product license.WadzPay takes a giant leap with Initial Approval from Dubai Virtual Assets Regulatory Authority (VARA)!#WadzPay #blockchain #virtualassets #VARA #license #Dubai #UAE #regulatory #technology pic.twitter.com/0lDFCsUVHo— WadzPay (@WadzPay) November 1, 2023


The cryptocurrency wallet Backpack was granted a VASP license at the end of October, leading to the debut of Backpack Exchange. Backpack’s VARA license restricts its operations to crypto exchange services within Dubai, excluding its other virtual asset offerings. The newly unveiled Backpack Exchange incorporates zero-knowledge proof-of-reserves, multi-party computation for custody, and high-speed order execution.


Komainu, a joint venture between Nomura and crypto firms CoinShares and Ledger, also received a full operating licensefrom Dubai’s VARA. Komainu completed the final step in VARA’s licensing process nearly 10 months after securing its MVP license in November 2022.


Related:OpenAI partners with G42 in Dubai, eyeing Middle East expansion


Laser Digital, the cryptocurrency division of financial giant Nomura, secured an operating license from VARA in August. This move is part of Nomura’s efforts to establish a presence in the digital asset sector. Through its subsidiary, Laser Digital Middle East FZE, based in Dubai, the company unveiled its VASP license, permitting it to provide brokerage, virtual asset management and investment services in the emirate.


Laser Digital’s new license comes from Binance obtaining an operational MVP license from VARA to operate cryptocurrency exchange and virtual asset broker-dealer services locally.


Magazine:Bitmain’s revenge, Hong Kong’s crypto rollercoaster: Asia Express# Cryptocurrencies# Government# Cryptocurrency Exchange# Dubai# Tokens# RegulationAdd reactionAdd reactionRead moreBitcoin beyond 35K for Christmas? Thank Jerome Powell if it happensCrypto remittances offer cheaper alternative, but still face challenges to adoptionIRS proposes unprecedented data-collection on crypto users

News Feed

Payments Firm Bolt Scraps Deal to Acquire Crypto Company Wyre
Payments Firm Bolt Scraps Deal to Acquire Crypto Company Wyre California-based online payments company Bolt is pulling out of an agreement to buy crypto provider Wyre. The news of
William Suberg12 hours agoBitcoin exchange volume tracks 5-year lows as Fed inspires BTC hodlingBitcoin spot exchange trading volumes have disintegrated since March, while BTC price action has gone barely anywhere, resea
Allianz Economic Advisor Says Argument for Bitcoin Is Evolving — More Companies Will Embrace BTC as Form of Payment
Allianz Economic Advisor Says Argument for Bitcoin Is Evolving — More Companies Will Embrace BTC as Form of Payment Allianz’s chief economic advisor, Moh
Brayden Lindrea2 hours agoAtomic Wallet asks to toss suit over $100M hack, saying it has ‘no US ties’The Estonia-based firm noted that only one plaintiff in the class action lawsuit is actually based in Colorado, whe
Bitcoin’s 3% Price Rise Neutralizes Bearish Setup
View Bitcoin has again bounced up from $7,800 support, neutralizing the immediate bearish setup. A break above $8,820 is needed to invalidate the lower-highs setup and confirm a bull reversal. A bullish close, if confirm
Prashant Jha10 hours agoBanks’ crypto exposure must be disclosed — BIS’ Basel CommitteeThe proposed regulations are currently open to the public for comments, and if approved, they will come into effect by Jan. 1,
Bitcoin, Ethereum Technical Analysis: BTC Surges Above $22,000 Ahead of NFP Report
Bitcoin, Ethereum Technical Analysis: BTC Surges Above $22,000 Ahead of NFP Report Ahead of the latest nonfarm payrolls report, bitcoin rose to a multi-week high above $22,000 on F
The 4 Best Presales to Buy as Morgan Stanley Sets to Expand its Crypto Market Presence
Este artículo también está disponible en español. Donald Trump winning the elections has ushered in an unprecedented amount of bullish sentiment in the crypto market. Wit
Analysts Question Gold’s Safe Haven Status – 2008 Data Shows Central Banks Oversaturated Bullion Markets
Analysts Question Gold’s Safe Haven Status - 2008 Data Shows Central Banks Oversaturated Bullion Markets After bitcoin prices dropped below the $5K region on Monday morning, go
XRP High Stakes Setup: Analyst Warns Of Sharp Move To $17 Or $0.65
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Daniele Servadei4 hours agoThe bright side of Evergrande’s collapse? More crypto volatilityEvergrande’s ongoing bankruptcy saga has significant macroeconomic implications — including for the global cryptocurrency m
Brazil Creates Crypto-Dedicated Investigation Unit
Brazil Creates Crypto-Dedicated Investigation Unit The public prosecution of the Federal District, located in the center-west region of Brazil, has launched its own cryptocurrency