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