Backpack, the all-in-one web3 wallet and company behind Mad Lads, the No. 1 NFT collection by market cap on Solana, today announced the launch of a regulated cryptocurrency exchange. Trek Labs Ltd FZE, which will launch under the name Backpack Exchange, has officially been issued the Virtual Asset Service Provider (VASP) license for Exchange Services from the Dubai Virtual Assets Regulatory Authority (VARA), which supervises and regulates all virtual asset activities across the Emirate of Dubai. This license only covers Backpack Exchange and not any of the other virtual asset products and services offered by Backpack.

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