【特集】Dubai's VARA Licenses Cryptocurrency Firms

VARA Issues Initial Approval License to WadzPay

Dubai's Virtual Assets Regulatory Authority (VARA) has granted an "Initial Approval" license to crypto firm WadzPay. This marks a significant step for WadzPay in its pursuit of a Virtual Asset Service Provider (VASP) license for virtual asset services and activities. The VARA license allows the company to begin preparations for providing virtual asset services in the areas of transfer and settlement, as well as broker/dealer activities. However, it does not permit WadzPay to offer any other virtual asset products and services. The company's platform caters to both businesses (B2B) and individual users (B2B2C).

Backpack Receives VASP License

Cryptocurrency wallet Backpack obtained its Virtual Asset Service Provider (VASP) license in October, leading to the launch of Backpack Exchange. Operating within Dubai, the VASP license limited Backpack's operations to crypto exchange services, excluding its other virtual asset offerings. Backpack Exchange incorporates advanced features such as zero-knowledge proof-of-reserves, multi-party computation for custody, and high-speed order execution.

Komainu Attains Full Operating License

Komainu, a joint venture involving Nomura, CoinShares, and Ledger, secured a full operating license from Dubai's VARA. The process took nearly 10 months, starting with the MVP license obtained in November 2022. Komainu's license allows it to provide virtual asset services and activities within Dubai.

Laser Digital Obtains VASP License

Laser Digital, the cryptocurrency division of Nomura, was granted an operating license by Dubai's Virtual Asset Regulatory Authority. Through its subsidiary, Laser Digital Middle East FZE, the company can now offer brokerage, virtual asset management, and investment services in Dubai. The license was obtained after Binance received an MVP from VARA to operate cryptocurrency exchange and broker-dealer services locally.