Fasting (sawm) is abstention from eating, drinking and sexual relations from fajr time to maghrib time. Thus, what breaks fasting are eating, drinking and sexual relations. Waxing does not fall under any of these categories, therefore does not break fasting.
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But what if a little bit of blood comes out due to waxing, will that invalidate the fast?
No, the blood coming out of the body does not break fasting. What breaks fasting are only consuming food and drinks, and intercourse.