Crypto infrastructure provider Aquanow announced today that it has received its Virtual Asset Service Provider (VASP) license from the Dubai Regulatory Authority (VARA).
The license remains non-operational until the company fully satisfies all remaining conditions and elects to localize requirements set by VARA, after 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 leading banks, brokerages, payment service providers and enterprises. Since its inception in 2018, Aquanow has unlocked many crypto use cases and shaped its clients’ crypto strategy.
The license from VARA marks an important milestone in the company’s international expansion plans. Aquanow’s VASP license will allow it to offer brokerage, lending and borrowing, as well as management and investment services in Dubai.
“Dubai D33’s vision to emerge as a leading global financial center and a major hub for innovation, testing and commercialization of new technologies has been a key factor in making the Emirate central to our international growth efforts,” said Phil Sham, co-founder of Aquanow. and CEO. “We look forward to enabling a range of crypto use cases and contributing to the region’s efforts leading the virtual asset industry in balancing consumer protection with world-changing technology.”