Dubai’s virtual asset regulator has awarded its 20th VASP ( Virtual asset service provider license) to Canadian based Aquanow. This is considered the most comprehensive license to date as it includes not only a crypto brokerage license but also crypto lending, borrowing and investment. VARA ( Virtual asset regulatory Authority) for Dubai had stated in a recent press communique that 72 initial approvals have been issued to new entrants and have commenced licensing process. The regulator also stated that it had issued 133 application acknowledgement notices which is a reflection of its proactive and responsive approach
Aquanow, a leading crypto infrastructure provider, has been awarded its 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 select localization requirements defined by VARA, following which it will be able to commence operations, subject to regulatory reverification 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.
Aquanow serves over 300 institutional clients across 50 countries.
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 till date.
“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,” said Phil Sham, Aquanow Co-Founder and CEO. “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.”
A month prior Dubai’s VARA awarded OKx crypto exchange a license as well.
