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The Solana-based NFT app, Backpack, announced it will launch a regulated crypto exchange after securing a VASP license from the Dubai Virtual Asset Regulatory Authority (VARA). 

On Tuesday, Backpack, a Solana-based NFT (non-fungible token) wallet app, announced it will roll out a regulated cryptocurrency exchange. The exchange, called Backpack Exchange, received a Virtual Asset Service Provider (VASP) license for Exchange Services from Dubai’s Virtual Asset Regulatory Authority (VARA). VARA granted Backpack the license after a rigorous evaluation process. The VARA license only applies to Backpack Exchange, not other services and features on the Backpack App. 

Backpack Exchange Available in Early 2024

Backpack founder and CEO Armani Ferrante announced the news via X (formerly Twitter).