Pioneering fintech company stands out among hundreds of applicants with blockchain-based technology solutions with unique features, paving way for launch in the UAE
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 theLONDON, Oct. 31, 2023 (GLOBE NEWSWIRE) -- More than 400 delegates from over 35 countries are expected to attend the 17th annual Global Residence and Citizenship Conference, which takes place next week (8-10 November) at the Shangri-La Hotel DIFC in Dubai, UAE.
Hosted by world-leading international citizenship and residence advisory firm Henley & Partners, this annual event has become the world’s largest and most significant conference on private wealth and investment migration, bringing together presidents, prime ministers, senior government ministers and officials, leading academics, private client advisors, wealth management professionals, and top-tier financial and business media.
The 2023 conference program features sophisticated, cutting-edge content on the major developments shaping investment migration and geopolitics today, offering delegates the opportunity to engage with the world’s leading minds and latest ideas around the central themes of global citizenship and interconnectivity.
Dr. Christian H. Kalin, Group Chairman of Henley & Partners, who will also be speaking at the conference, points out that there could not be a more relevant and necessary time to connect across borders as citizens of the world. “At a moment in our history when our world seems increasingly fractured and polarized, it is more important than ever for us to focus our minds on our shared humanity and how we can be stronger together. While it may mean different things to different people, global citizenship is based on the principle that we all have responsibilities to the world as a whole, rather than just our own local communities or countries. This conference aims to expand our horizons through global learning and understanding so that we can effect change in a more meaningful sense on both a small and larger scale.”
Notable key speakers at the conference include the Prime Ministers of Montenegro, H.E. Dr. Dritan Abazovic, and of Grenada, the Hon. Dickon Mitchell, as well as the former President and Speaker of the Parliament of the Maldives, the Hon. Mohamed Nasheed. CEO of the Dubai Economic Development Corporation, Hadi Badri, along with Prof. Dr. Christian Joppke of the Institute of Sociology at the University of Bern in Switzerland, Dr. Titus Gebel, President of the Free Cities Foundation in Germany, Prof. Dr. Khalid Koser, Executive Director of the Global Community Engagement and Resilience Fund, Chief Partnership Officer of Women in AI, Middle East, Debbie Botha, and Dr. Parag Khanna, Founder and CEO of Climate Alpha in Singapore, among many others. They all will share their perspectives on the key social, economic, political and environmental trends shaping our world.
Another highlight of the conference will be the 2023 Global Citizen Award Dinner on 9 November to honor a remarkable individual working to advance one of the global challenges affecting humanity today. Hosted in collaboration with the Swiss non-profit humanitarian organization Andan Foundation, this year’s laureate will be announced at the gala event and the net proceeds of the evening will be donated to the foundation which focuses on self-reliance of refugees through education, entrepreneurship, and employment. 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.
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.
About Henley & Partners
Henley & Partners is the global leader in residence and citizenship by investment. Each year, hundreds of wealthy individuals and their advisors rely on our expertise and experience in this area. The firm’s highly qualified professionals work together as one team in over 40 offices worldwide.
The concept of residence and citizenship by investment was created by Henley & Partners in the 1990s. As globalization has expanded, residence and citizenship have become topics of significant interest among the increasing number of internationally mobile entrepreneurs and investors whom we proudly serve every day.
Henley & Partners also runs the world’s leading government advisory practice for investment migration, which has raised more than USD 12 billion in foreign direct investment. Trusted by governments, the firm has been involved in strategic consulting and in the design, set-up, and operation of the world’s most successful residence and citizenship programs.