Aquanow receives full operational approval from Dubai’s VARA, commencing operations in the Middle East

DUBAI, UAE, July 29, 2024 /PRNewswire/ — Aquanow, a leading crypto infrastructure provider, has received full operational approval from Dubai’s Virtual Asset Regulatory Authority (VARA). Aquanow’s Virtual Asset Service Provider (VASP) licence allows the company to offer Broker-Dealer, Lending and Borrowing, and Management and Investment Services across the region.

The licence from VARA marks a major milestone in the company’s international expansion plans, with the UAE poised to become a significant growth pillar. This positions Aquanow to commence operations and enable crypto financial services in partnership with major financial institutions in the Middle East. The approval comes after a rigorous application process, an indication of the robust regulatory regime that has been established in the UAE.

Aquanow, headquartered in Canada, and operating globally, works closely with leading financial institutions including top-tier banks, brokerages, payment service providers, and enterprises. In 2023, Aquanow ranked amongst 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.

“Dubai is leading the way in creating a progressive environment that enables financial innovation whilst maintaining world class customer protection, financial stability and market integrity,” said Phil Sham, Aquanow co-founder and CEO. “We look forward to continued collaboration with the regulator and our industry peers as we contribute to the advancement of digital assets in the Middle East.

To learn more about Aquanow, please go to aquanow.com.

About Aquanow

Aquanow is a leading digital assets infrastructure provider enabling crypto financial services for institutional clients. Each month, the company facilitates billions of dollars of trade volume for 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 and headquartered in Canada, Aquanow currently has 100+ team members. In 2023, Aquanow ranked amongst the fastest growing companies with a four-year revenue growth rate of 1,842%, according to the Deloitte Technology Fast 500 list.

About VARA

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.

For more information visit: vara.ae.

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Contact: Aquanow, Chris DeLuca, chris@aquanow.com

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