Aquanow Secures VASP Registration from VARA, Eyes Dubai Expansion

Aquanow, a Canadian-based crypto infrastructure firm, has made significant strides by securing a Virtual Asset Service Provider (VASP) license from the Virtual Assets Regulatory Authority (VARA) in Dubai.

Announced on February 12, this move marks Aquanow’s entry into one of the world’s rapidly growing crypto markets.

The license marks a major milestone for our international expansion. After some post-license conditions are fulfilled, we'll be fully operational in the UAE.

— Aquanow (@aquanow) February 12, 2024

While the license remains non-operational pending fulfillment of regulatory obligations, including localization requirements and approvals, it signifies Aquanow’s commitment to secure adequate regulatory framework and tapping into the immense potential of the Dubai market.

Phil Sam, the CEO of Aquanow, expressed appreciation for Dubai’s forward-thinking approach to innovation and its conducive regulatory environment, which have played a crucial role in Aquanow’s decision to expand its operations into the region.

With the regulatory green light, Aquanow is poised to offer a diverse array of services, including investment, management, lending, borrowing, and broker-dealer services, catering to the growing demand for crypto-related solutions in Dubai and beyond.

“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.”

Phil Sam

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The rigorous vetting process undertaken by VARA underscores Aquanow’s dedication to upholding the highest standards of compliance and regulatory integrity.

Aquanow Services Tailored to Dubai’s Crypto Ecosystem

By aligning with Dubai’s vision of becoming a global leader in digital innovation, Aquanow aims to contribute to the city’s ambitious plans for economic growth and technological advancement.

Dubai’s proactive stance on blockchain regulation, exemplified by the establishment of VARA in March 2022, reflects its commitment to fostering a thriving ecosystem for Web3 development while safeguarding investor interests and ensuring regulatory oversight.

Aquanow’s acquisition of the VASP license not only positions the company as a key player in Dubai’s crypto landscape but also underscores its strategic focus on global expansion and innovation.

With its unwavering commitment to regulatory compliance and a forward-thinking approach to crypto infrastructure, Aquanow is well-positioned to drive positive change and unlock new opportunities in Dubai’s ever-evolving financial ecosystem.

Read More: Solana Joins Dubai’s Largest Free-Trade Zone to Foster Web3 Adoption