Leading cryptocurrency infrastructure provider Aquanow said today that Dubai’s Virtual Assets Regulatory Authority (VARA) has granted it a Virtual Asset Service Provider (VASP) license.
The license isn’t operative until the business satisfies all outstanding requirements and chooses the localization requirements set forth by VARA. After that, it can start operating, pending regulatory verification and approval.
Phil Sham, the co-founder and CEO, said, “Dubai’s D33 vision of emerging as a top global financial center and major hub of innovation, testing, and commercialisation of new technologies was a key factor in making the Emirate the centerpiece in our international growth efforts”
Located in Vancouver, Canada, the organization has a strong history of working with major international financial institutions such as banks, brokerages, payment service providers, and businesses.
Aquanow has influenced its clients’ cryptocurrency strategies and unlocked several crypto use cases since its founding in 2018. Aquanow, which serves over 300 institutional clients in 50 countries, is one of the fastest-growing financial technology businesses in North America, with a four-year revenue growth rate of 1,842%.
An important step toward the company’s goals of expanding internationally is the license from VARA. Aquanow has been granted one of the most extensive licenses for a VASP in the Emirate to date, which will allow it to provide broker-dealer, lending and borrowing, and management and investment services.
The license is a testament to the strong regulatory framework that is developing in the United Arab Emirates, as Aquanow was able to pass the stringent application procedure and meet the high compliance criteria mandated by VARA.
Also Read: Dubai’s VARA Issues Licensing Deadline
