Fastex Secures VARA Approval in Dubai

SoftConstruct’s Web3-driven ecosystem Fastex is breaking ground in the Middle East. The company announced that it is about to make a foray into the United Arab Emirates after securing initial approval from the Virtual Assets Regulatory Authority of Dubai (VARA).

The cryptocurrency exchange will thus expand in the Middle East, which remains a largely untapped market. It should be noted that the initial approval does not allow Fastex to immediately set up shop in Dubai and trade with virtual assets. However, it is an important milestone that the company described as “the first step in Fastex securing a full regulatory license.”

The platform’s co-founder, Vigen Badalyan, praised the VARA approval as a “big accomplishment” for his team. He expressed Fastex’s delight to expand its reach in the Middle East and revolutionize how virtual assets are traded in the region.

Badalyan added that his team is excited about the new approval and promised to provide “the best platform in the Web3 landscape” to Middle Eastern customers.

We aim to provide the best platform in the Web3 landscape and VARA’s approval allows us to move forward and achieve results. We are honored to receive this initial approval from VARA.

Vigen Badalyan, co-founder, Fastex

Badalyan concluded that the green light given by the VARA highlights the outstanding work of Fastex’s team.

It [the initial approval] is a testament to the hard work and dedication of our team, and it reinforces our vision of creating a seamless and reliable ecosystem for our users.

Vigen Badalyan, co-founder, Fastex

UAE Might Be Warming Up Toward the Gaming Industry

Meanwhile, certain jurisdictions in the Middle East continue to mull over the legalization of gambling. While culturally opposed to the industry, the UAE has been seemingly warming up toward the idea of greenlighting some forms of betting.

While many Dubai officials remain firmly opposed to the idea of launching any form of gambling in the emirate, the UAE’s discussions with major gambling companies tease that this might change.

Wynn Resorts, for example, is currently working on a project that seeks to recreate the famous Las Vegas Strip on Al Marjan Island in Ras Al Khaimah. The company plans to launch the property in 2027.

MGM Resorts, on the other hand, is very optimistic about the prospects of gambling in the UAE. The company believes that the first steps toward legalizing gambling in the country might be made this very year.