Fastex, the Web3-driven ecosystem announced that it has received initial approval from the Virtual Assets Regulatory Authority of Dubai (VARA). While this will not allow Fastex to undertake any virtual asset activity in and from the Emirate of Dubai yet, it is the first step in Fastex securing a full regulatory license.

Vigen Badalyan, the co-founder of Fastex noted: “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.”

Vigen Badalyan, the co-founder of Fastex

He added: “We are honored 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.”