Quick Take
Aquanow, a leading crypto infrastructure provider, secures a Virtual Asset Service Provider (VASP) license from Dubai’s regulatory authority, marking a significant milestone in its international expansion plans. The license, subject to regulatory conditions, positions Aquanow as a comprehensive VASP in the Emirate, aligning with Dubai’s vision for financial innovation.
Aquanow gets a Virtual Asset Service Provider (VASP) license from Dubai’s VARA
Aquanow, a crypto infrastructure provider, has secured a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). While the announcement signals a significant step forward for the company’s expansion into international markets, it comes with certain caveats and regulatory obligations that must be met before operational commencement.
The Vancouver-based firm, renowned for its collaborative ventures with global financial institutions, sees this license as a strategic maneuver in line with Dubai’s ambition to become a leading global financial center. However, Aquanow’s VASP license remains non-operational until it fulfills all prerequisites and localization requirements outlined by VARA. This process includes regulatory re-verification and approval, indicating a meticulous scrutiny by regulatory authorities before granting operational status.
Established in 2018, Aquanow has established itself as a key player in the crypto landscape, facilitating a diverse array of crypto use cases and shaping the strategies of its clientele.
With a staggering four-year revenue growth rate of 1,842%, as recognized by the Deloitte Technology Fast 500 list, the company boasts an impressive track record in the North American financial technology sector. Currently serving over 300 institutional clients across 50 countries, Aquanow’s ambitions for international expansion align seamlessly with Dubai’s vision for financial innovation and technological advancement.
Phil Sham, Co-founder and CEO of Aquanow, expressed enthusiasm for the opportunities presented by Dubai’s regulatory framework, stating, “Dubai’s D33 vision of emerging as a top global financial center and 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.” Sham emphasized the company’s commitment to contributing to the region’s advancements in virtual assets while upholding rigorous consumer protections.
Aquanow’s VASP license from VARA encompasses a wide range of services, including broker-dealer, lending and borrowing, and management and investment services, positioning the company as one of the most comprehensive VASPs in the Emirate. The approval underscores Dubai’s commitment to fostering a robust regulatory environment in the virtual assets industry, mirroring global trends towards heightened oversight and compliance standards.
As Aquanow progresses towards fulfilling the remaining conditions stipulated by VARA, the crypto community awaits further developments, anticipating the company’s role in shaping Dubai’s burgeoning fintech landscape and contributing to the region’s status as a leading innovator in the virtual assets space.
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