Intesa Sanpaolo Launches €30.6 Billion Bid for Monte dei Paschi to Drive Italian Banking Consolidation 
Insignia Financial Shares Hit 3-Year High Amid Bain and CC Capital Bidding War 
China's Refining Industry Faces Major Shakeup Amid Challenges 
Wall Street Rebounds as Investors Eye Tariff Uncertainty, Jobs Report 
FxWirePro- Major Crypto levels and bias summary 
U.S. Banks Report Strong Q4 Profits Amid Investment Banking Surge 
Investors Brace for Market Moves as Trump Begins Second Term 
SpaceX IPO Demand Surges Past $250 Billion Ahead of Historic Market Debut 
Honda Leadership Crisis Deepens as Retired Executives Challenge CEO Toshihiro Mibe’s Strategy 
J.P. Morgan Sees Major Upside for Prysmian as Optical Fiber Prices Surge 
Apollo Ends Pursuit of Bodycote, Withdraws £1.52 Billion Takeover Proposal 
Home ownership is slipping out of reach. It’s time to rethink our fear of ‘forever renting’ 
Backpack, a web3 wallet, announced the debut of its crypto exchange in Dubai after securing its Virtual Asset Service Provider (VASP) license in the country. The crypto firm received its permit from the Dubai Virtual Asset Regulatory Authority (VARA).
Backpack is also known to be the group behind Mad Lads on Solana, and it said on Tuesday, Oct. 31, that it will roll out a regulated cryptocurrency exchange in Dubai that will be simply called "Backpack Exchange."
Issuance of VASP License
Backpack received the VASP approval VARA, which gives it the permission to offer its services in the country. The regulatory authority oversees all activities related to digital assets across the Emirates of Dubai, and it typically applies a strict evaluation process before making its decision to approve a license.
As per Decrypt, the spokesperson of VARA also said in a statement that Backpack Exchange "must be recognized for its commitment to prioritize investor protection and risk assurance."
Then again, it was noted that the issued license solely covers Backpack Exchange and does not apply to other digital asset products and services that the Backpack company is offering.
Launch Date and Other Details
While the launch of Backpack Exchange was already announced, the service itself is not yet open to the public. The new crypto exchange platform will initially be available in private beta this month and will be exclusive to members of existing Backpack and Mad Lads communities.
It will finally be accessible to the general public within the first quarter of 2024. Later on, Backpack is planning to apply for more licenses to bring its crypto exchange service to other countries.
"It is time to put an end to the days of opaque crypto exchanges representing everything our industry stands against," Backpack founder and chief executive, Armani Ferrante, said in a press release. "It should not be normal to use an exchange with a single point of failure, without proof of reserves, or without audibility. A verifiable, unforgeable ledger is the exact problem blockchains solve, and Backpack Exchange is taking full advantage of that."
He added, "Backpack Exchange hopes to raise the bar for transparency and compliance to demonstrate the best this technology has to offer. Don't trust, verify."
Photo by: Backpack Exchange Press Release
