Aquanow obtains VASP license from Dubai VARA

By Arya M Nair, Official Reporter
  • Follow author on
Aquanow obtains VASP license from Dubai VARA
Rep.Image | Courtesy: Aquanow

Aquanow, a leading crypto infrastructure provider, has been awarded Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA).

The license remains non-operational until the company fully satisfies all remaining conditions and selects localization requirements defined by VARA, following which it will be able to commence operations, subject to regulatory verification and approval.

The company, which is headquartered in Vancouver, Canada has worked closely with global financial institutions including top-tier banks, brokerages, payment service providers, and enterprises in unlocking a multitude of crypto use cases, and shaping their crypto strategy, since its inception in 2018.

Serving over 300 institutional clients across 50 countries, Aquanow ranks among the fastest-growing financial technology companies in North America with a four-year revenue growth rate of 1,842 percent, according to the Deloitte Technology Fast 500 list.

Phil Sham_Aquanow gets Dubai VARA license
Phil Sham
Co-Founder & CEO,
Aquanow

“Dubai’s D33 vision of emerging as a top global financial center and a major hub of innovation, testing, and commercialization of new technologies was a key factor in making the Emirate the centerpiece in our international growth efforts. We look forward to enabling a range of crypto use cases, and contributing to the region’s efforts that are leading the virtual assets industry in balancing consumer protections with world-changing technology.”

The license from VARA marks a major milestone in the company’s international expansion plans. Aquanow’s VASP license will enable it to offer broker-dealer, lending and borrowing, and management and investment services, making it one of the most comprehensive licenses awarded to a VASP in the Emirate to date.

The approval comes after Aquanow underwent a rigorous application process and met the high compliance standards required by VARA, an indication of the robust regulatory regime emerging in the United Arab Emirates.

Important | SEVEN brings world’s 1st Formula E indoor Karting experience in KSA

YOU MAY LIKE