London, August 2, 2022 — Scallop, a fintech firm, has announced that it has obtained provisional regulatory approval by Dubai’s Virtual Assets Regulatory Authority (VARA) as it undertakes the process of applying for a license in accordance with VARA requirements.
With the VARA license, Scallop aims to deliver safe and regulated crypto exchange services to its pre-qualified investors and establish itself in the United Arab Emirates’ cryptocurrency sector.
Scallop will be able to engage in the UAE’s fast-growing digital assets ecosystem by running crypto-native services under complete regulatory oversight, supply top-tier financial solutions to a new geographical pool of consumers and better serve the regional market.
“We cannot emphasize enough the crucial role of regulation and compliance in the thriving global blockchain industry. We have already secured global licences in the United Kingdom, European Union and Canada and are thrilled to receive provisional approval by the Dubai VARA,” said Raj Bagadi, CEO of Scallop.
“Being part of the VARA ecosystem is a significant step toward our goal of having a presence in every region with creative Web3 and crypto enterprises. We are excited to engage and collaborate with members of the crypto-native ecosystem and the traditional financial services industry,” Bagadi said in a statement on the announcement.
Scallop’s virtual asset license in Dubai is the latest in a long list of industry achievements for the company.
In June, Scallop launched Scallop Exchange, a liquidity-driven cryptocurrency exchange with close to 40,000 users signing up in the first few days of its debut. Along with this feat, Scallop has a waitlist of more than 150,000 users for Scallop’s Banking Account and Crypto Debit Card.
Scallop is an innovative, regulated fintech ecosystem for users who want a safer, faster and more efficient way to securely manage their crypto and fiat in a single place. Its mission is to bring digital assets into mainstream use and bridge the gap between decentralized and traditional finance.
The Dubai VARA is the world’s first specialized regulator for the virtual assets sector. Established in March 2022, following the effect of Law No. 4 of 2022, VARA is responsible by decree for licensing and regulating the virtual asset sector in the Emirate of Dubai and its free zone territories, excluding the Dubai International Financial Center, and oversees all licensing requirements and applications for authorization of virtual asset activities under UAE law. 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 of a borderless economy.
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