Web3 Wallet Backpack Launches Registered Crypto Business in Dubai

Backpack, an all-in-one Web3 wallet, has become the latest to receive a Virtual Asset Service Provider (VASP) license in Dubai. The approval will enable Backpack to launch a regulated cryptocurrency exchange service in the city. Per the company’s press release, Backpack Exchange is set to launch in private beta for its members in November before going live to the public in early 2024. The license from the Dubai VARA only covers the crypto exchange and not any other Backpack’s digital asset services. Backpack Exchange would showcase transparency, putting an end to opaque crypto exchanges, said Armani Ferrante, CEO and Founder of Backpack.

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