The Dubai Virtual Assets Regulatory Authority (VARA) has issued an “Initial Approval” license to the 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 (B2B) and individual users (B2B2C).
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 Virtual Asset Service Providers (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.
The cryptocurrency wallet Backpack was granted a Virtual Asset Service Provider (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 (ZK) proof-of-reserves, multi-party computation (MPC) for custody, and high-speed order execution.
Komainu, a joint venture between Nomura and crypto firms CoinShares and Ledger, also received a full operating license from Dubai’s VARA. Komainu completed the final step in VARA’s licensing process nearly 10 months after securing its MVP license in November 2022.
Laser Digital, the cryptocurrency division of financial giant Nomura, secured an operating license from Dubai’s Virtual Asset Regulatory Authority (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 Virtual Asset Service Provider (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 minimum viable product (MVP) from VARA to operate cryptocurrency exchange and virtual asset broker-dealer services locally.
Labour’s largest union donor, Unite, has voted to suspend Deputy Prime Minister Angela Rayner over her role in the Birmingham bin strike row.
Members of the trade union, one of the UK’s largest, also “overwhelmingly” voted to “re-examine its relationship” with Labour over the issue.
They said Ms Rayner, who is also housing, communities and local government secretary, Birmingham Council’s leader, John Cotton, and other Labour councillors had been suspended for “bringing the union into disrepute”.
There was confusion over Ms Rayner’s membership of Unite, with her office having said she was no longer a member and resigned months ago and therefore could not be suspended.
But Unite said she was registered as a member. Parliament’s latest register of interests had her down as a member in May.
The union said an emergency motion was put to members at its policy conference in Brighton on Friday.
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Unite is one of the Labour Party’s largest union donors, donating £414,610 in the first quarter of 2025 – the highest amount in that period by a union, company or individual.
The union condemned Birmingham’s Labour council and the government for “attacking the bin workers”.
Mountains of rubbish have been piling up in the city since January after workers first went on strike over changes to their pay, with all-out strike action starting in March. An agreement has still not been made.
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Rat catcher tackling Birmingham’s bins problem
Ms Rayner and the councillors had their membership suspended for “effectively firing and rehiring the workers, who are striking over pay cuts of up to £8,000”, the union added.
‘Missing in action’
General secretary Sharon Graham told Sky News on Saturday morning: “Angela Rayner, who has the power to solve this dispute, has been missing in action, has not been involved, is refusing to come to the table.”
She had earlier said: “Unite is crystal clear, it will call out bad employers regardless of the colour of their rosette.
“Angela Rayner has had every opportunity to intervene and resolve this dispute but has instead backed a rogue council that has peddled lies and smeared its workers fighting huge pay cuts.
“The disgraceful actions of the government and a so-called Labour council, is essentially fire and rehire and makes a joke of the Employment Relations Act promises.
“People up and down the country are asking whose side is the Labour government on and coming up with the answer not workers.”
Image: Piles of rubbish built up around Birmingham because of the strike over pay
Sir Keir Starmer’s spokesman said the government’s “priority is and always has been the residents of Birmingham”.
He said the decision by Unite workers to go on strike had “caused disruption” to the city.
“We’ve worked to clean up streets and remain in close contact with the council […] as we support its recovery,” he added.
A total of 800 Unite delegates voted on the motion.
Binance co-founder CZ has dismissed a Bloomberg report linking him to the Trump-backed USD1 stablecoin, threatening legal action over alleged defamation.