DUBAI, Oct. 31, 2023 (GLOBE NEWSWIRE) -- In a significant development, WadzPay has been granted "Initial Approval" by Dubai’s Virtual Assets Regulatory Authority (VARA), marking a pivotal step in Wadzpay’s journey towards obtaining a Virtual Asset Service Provider (VASP) License for virtual asset services and activities.

"We are immensely honored to have received initial approval from VARA," said Mr. Anish Jain, Founder and Group CEO of WadzPay. "This recognition reaffirms our commitment to delivering cutting-edge blockchain-based solutions that not only revolutionize but also adhere to the highest regulatory standards. We are grateful for the opportunity to contribute to the growth of the fintech ecosystem in the UAE."

This Initial Approval is a key milestone and allows WadzPay to commence preparations for the provision of virtual asset services and activities under the VASP License for Transfer & Settlement and Broker/Dealer activities.

“Receiving VARA's initial approval is a testament to our unwavering dedication to regulatory and compliance excellence," said Mr. Khaled Moharem, President - MENA at WadzPay. "We've built a robust ecosystem that not only meets but exceeds industry standards, guaranteeing a safe and efficient gateway to virtual assets for users in the UAE. We're poised to launch with strict adherence to VARA's requirements, ushering in a new era of secure and seamless access to the world of virtual assets."

While the initial approval is a pivotal achievement, WadzPay emphasizes that it is still in the process of working towards receiving the final approval from VARA and the VASP license. This progression marks a crucial step towards obtaining the necessary regulatory green light to fully operate within the UAE and bring its innovative products and solutions to life.

About WadzPay: WadzPay Worldwide is a leading global provider of blockchain-based technology. The company's innovative platform offers secure, efficient, and transparent services, catering to both businesses (B2B) and individual users (B2B2C). With a commitment to driving financial inclusion and revolutionizing the virtual asset landscape, WadzPay is at the forefront of digital transformation.

For more information, visit www.wadzpay.com

About VARA: Established in March 2022, following the effect of Law No.4 of 2022, VARA is the competent entity in charge of regulating, supervising, and overseeing VAs and VA Activities in all zones across the Emirate of Dubai, including Special Development Zones and Free Zones but excluding the Dubai International Financial Centre. VARA plays a central role in creating Dubai's advanced legal framework to protect investors and establish international standards for Virtual Asset industry governance, while supporting the vision for a borderless economy.

For more information visit: www.vara.ae

For any media enquiries please contact:

Arijit Das

PR and Communications Manager

arijit.das@wadzpay.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b5b18fac-dfd1-4b62-922c-cbaeb9174a03