Aquanow secures VASP licence from Dubai’s VARA
Canadian company accelerates global expansion plans
Vancouver-based crypto infrastructure provider Aquanow has achieved a significant milestone in its global expansion strategy by acquiring the Virtual Asset Service Provider (VASP) licence from Dubai’s Virtual Assets Regulatory Authority (VARA).
While currently non-operational, the licence sets the stage for Aquanow to unlock many crypto use cases and bolster its presence as a comprehensive financial technology company.
Once operational, the licence will empower the company to offer a comprehensive suite of services, including broker-dealer, lending and borrowing, management and investment services. This positions Aquanow as one of the most versatile VASPs in Dubai.
Aquanow anticipates commencing operations after fulfilling all remaining conditions and localisation requirements outlined by VARA, subject to regulatory verification and approval.
The approval process for the VASP licence involved Aquanow meeting stringent compliance standards set by VARA, reflecting the robust regulatory environment emerging in the United Arab Emirates.
Founded in 2018, Aquanow has been a pivotal player in the crypto landscape, collaborating closely with major global financial institutions, including top-tier banks, brokerages, payment service providers, and enterprises.
50 countries
The company has played a key role in shaping the crypto strategies of its clientele, amassing over 300 institutional clients across 50 countries.
According to the Deloitte Technology Fast 500 list, Aquanow has been recognised as one of North America’s fastest-growing financial technology companies, boasting an impressive four-year revenue growth rate of 1,842%.
Phil Sham, Co-Founder and CEO of Aquanow expressed excitement about the company’s role in contributing to Dubai’s vision.
“Dubai’s D33 vision of emerging as a top global financial centre and a major hub of innovation, testing, and commercialisation of new technologies was a key factor in making the emirate the centrepiece in our international growth efforts,” Sham stated.
“We look forward to enabling a range of crypto use cases and contributing to the region’s efforts leading the virtual assets industry in balancing consumer protections with world-changing technology.”
Featured image: Aquanow is a pivotal player in the crypto landscape. Image: Art Rachen
Last Updated on 10 months by News Desk 1
