Canadian firm secures Dubai VASP licence

Crypto infrastructure provider Aquanow announced it 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, 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. Serving over 300 institutional clients across 50 countries, Aquanow ranks among the fastest growing financial technology companies in North America with a four-year revenue growth rate of 1,842%, according to the Deloitte Technology Fast 500 list.

The license from VARA marks a major milestone in the company’s international expansion plans. 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. The approval comes after Aquanow underwent a rigorous application process and met the high compliance standards required by VARA, an indication of the robust regulatory regime emerging in the United Arab Emirates.

“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.”