Fastex granted initial approval from Dubai’s VARA

Fastex, the Web-3 driven ecosystem from SoftConstruct, has made its first steps towards expanding its presence in the Middle East after receiving initial approval from the Virtual Assets Regulatory Authority of Dubai (VARA).

The approval, SoftConstruct explained, marks another milestone for the company as it continues to pursue new opportunities in global markets.

Vigen Badalyan, the Co-Founder of Fastex, said: “The approval is a big accomplishment for Fastex. It is a step forward for the company to expand its reach in the Middle East and share the latest innovations in virtual assets.

“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 honoured to receive this initial approval from VARA.

“It 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.”

The new approval will not enable Fastex to carry out any virtual asset activity in and from the Emirate of Dubai.

However, the company noted that this is a considerable first step towards securing a full regulatory licence.