March 27, 2024
Latest Cryptocurrency News

Aquanow Secures VASP License in Dubai, Paving the Way for Global Expansion

Canadian-based cryptocurrency infrastructure firm Aquanow has achieved a significant milestone in its international expansion plans by obtaining a Virtual Asset Service Provider (VASP) license from the Virtual Assets Regulatory Authority (VARA) in Dubai. The announcement, made on February 12, revealed that the regulatory approval positions Aquanow to tap into the burgeoning crypto market in the region.

The license, although currently non-operational, allows Aquanow to provide a range of services, including investment, management, lending, borrowing, and broker-dealer services within the jurisdiction of Dubai. To activate the full license, Aquanow must fulfill additional conditions such as localization requirements and regulatory approvals.

Phil Sam, CEO of Aquanow, expressed appreciation for Dubai’s commitment to innovation and highlighted the city’s policies as pivotal in their decision to expand operations there. He stated, “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.”

The move aligns with Dubai’s vision to become a global leader in digital technologies and its efforts to establish a regulatory framework for the growing Web3 industry. Aquanow’s VASP license signifies adherence to high VARA standards and marks a crucial step towards regulatory compliance on a global scale, crucial for attracting major investors.

VARA, established in March 2022, aims to create a streamlined regulatory framework for the digital assets ecosystem, focusing on investor protection and combating fraudulent activities. Dubai’s strategic goal is to leverage blockchain technology to enhance trade, cross-border payments, and attract Web3 firms to the city.

Last year, Dubai received accolades for its commitment to becoming a Web3 hub. VARA’s regulatory guidelines, implemented in February 2023, mandate companies to obtain licenses before offering services to users, emphasizing registration, disclosures, and advertising rules. Aquanow’s achievement signals its dedication to operating within regulatory parameters, a key factor in the evolving landscape of the global crypto industry.

Image: Wikimedia Commons

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