Recognition marks formal steps Aquanow is taking as it prepares to offer its full-suite of digital asset services in Dubai
Dubai, UAE, 5 June 2023: Aquanow, a leading digital assets infrastructure provider, announced today that it has received initial approval from Dubai’s Virtual Asset Regulatory Authority (“VARA”), while it undertakes the in-depth process of applying for a licence, in accordance with VARA requirements.
Aquanow was granted initial approval by VARA, following a demonstration of its comprehensive operational and compliance process. Full approval to operate will be issued by VARA as soon as Aquanow completes all mandated requirements, which the firm is expected to complete in the near-term.
“At Aquanow, we believe that the UAE is a forward-thinking jurisdiction for digital assets regulation and we view Dubai as a key hub for our international growth efforts,” said Aquanow’s Chief Executive Officer, Phil Sham. “We’re excited to receive the initial approval from VARA and to be moving closer to powering a range of digital asset use cases in the region”
Aquanow, which is privately-backed, is one of the largest digital asset liquidity providers and is a global leader serving financial services clients in 40 countries around the world. Aquanow is rapidly expanding in the Middle East, and the UAE is an emerging hub of Web 3.0 innovation, with more than 500 crypto companies based in the country.
VARA, established in March 2022 under the Dubai Virtual Asset Regulation Law, is the first regulator of its kind to oversee virtual assets and aims to create an advanced legal framework to protect investors and set international standards for the virtual assets industry, and to enable responsible business growth in and from the Emirate.
Aquanow is a leading digital assets infrastructure provider enabling crypto financial services for institutional clients. Each month, billions of dollar value pass through the company’s platform, facilitating a broad range of use cases. Aquanow serves an international customer base that includes the world’s fastest-growing banks, neobanks, brokerages and payment companies. Established in 2018, Aquanow currently has 90+ team members. The company has offices in Canada, Dubai, and Singapore.
Dubai Virtual Assets Regulatory Authority [VARA] is the world's first specialised regulator for the Virtual Assets sector. Established in March 2022, following the effect of Law No.4 of 2022, VARA is the competent entity in charge of regulating, supervising, and overseeing VAs and VA Activities in all zones across the Emirate of Dubai, including Special Development Zones and Free Zones but excluding the Dubai International Financial Centre. VARA plays a central role in creating Dubai's advanced legal framework to protect investors and establish international standards for Virtual Asset industry governance, while supporting the vision for a borderless economy.