Canadian Crypto Infrastructure Firm Aquanow Acquires VASP License in Dubai
Canadian-based crypto infrastructure company Aquanow has obtained a Virtual Asset Service Provider (VASP) license from the Virtual Assets Regulatory Authority (VARA) in Dubai. The company announced on February 12 that it had received regulatory approval to offer its services in the growing market.
The license is currently non-operational, pending Aquanow’s completion of other requirements for full compliance. This can include meeting localization requirements and obtaining specific approvals.
Aquanow’s acquisition of the VASP license demonstrates its commitment to expanding internationally and attracting new users to its platform. The license will enable the company to provide investment, management, lending, borrowing, and broker-dealer services in Dubai.
Aquanow praised Dubai’s vision as an innovation hub and its policies, which influenced the company’s decision to choose the city for expansion. The company plans to onboard various crypto use cases and contribute to Dubai’s efforts to become a leader in digital technologies.
Aquanow Benefits from VARA License
Last year, industry experts commended Dubai’s regulatory framework for its goal of becoming a leading Web3 hub. VARA, established in March 2022, aims to streamline the digital assets ecosystem and create regulatory guidelines for all stakeholders.
Dubai aims to leverage blockchain technology to enhance trade and cross-border payments while attracting Web3 companies. In February 2023, VARA released guidelines mandating companies operating in Dubai to obtain licenses before providing services. Compliance with global regulations is crucial for major investors, making Aquanow’s VASP license an important achievement.
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