Backpack, a web3 wallet company, is launching a VASP-licensed crypto exchange in Dubai. This is one of the first regulated crypto exchanges to launch in the Middle East. The exchange will allow users to trade a wide range of cryptocurrencies, including Bitcoin, Ethereum, and Solana, and will offer fiat on-ramps and off-ramps. Backpack's exchange is subject to strict regulations and oversight from the Dubai Virtual Assets Regulatory Authority (VARA). The launch of Backpack's exchange is a positive sign for the adoption of cryptocurrencies in the Middle East.