Canada-headquartered Aquanow, a crypto infrastructure supplier, has bolstered its compliance efforts by securing a Digital Asset Service Supplier (VASP) license from Dubai’s Digital Property Regulatory Authority (VARA).
Introduced yesterday (Monday), the license will enable the corporate to supply broker-dealer, lending and borrowing, and administration and funding companies. Nevertheless, the license stays non-operational till the corporate “absolutely satisfies all remaining circumstances and choose localization necessities outlined by VARA,” an ordinary process for VARA-licensed entities.
“Dubai’s D33 imaginative and prescient of rising as a high world monetary middle and a serious hub of innovation, testing, and commercialization of recent applied sciences was a key consider making the Emirate the centerpiece in our worldwide progress efforts,” Aquanow’s Co-Founder and CEO, Phil Sham, stated.
“We look ahead to enabling a spread of crypto use instances and contributing to the area’s efforts which can be main the digital belongings business in balancing client protections with world-changing expertise.”
Established in 2018, Aquanow affords digital belongings infrastructure to establishments, enabling them to supply monetary companies. Its buyer base consists of banks, neobanks, brokerages, and fee firms. In accordance with the corporate, “every month, billions of greenback worth go via” its platform.
Dubai Is Making a Mark in International Crypto Map
In the meantime, Dubai has turn out to be a most popular vacation spot for crypto firms because of the metropolis’s clear laws for the business. The authorities in Dubai established VARA, an unbiased regulator solely to supervise the domestically licensed crypto firms, in March 2022, together with particular laws for the business.
Through the years, a number of crypto firms, retail and institutional, have established bases within the vibrant metropolis of the Center East and obtained native licenses. Amongst retail crypto exchanges have been Binance, OKX, and Crypto.com, which have obtained licenses from VARA. Different firms like B2B Prime, GCEX, and HEX Belief additionally acquired an analogous license to strengthen their presence within the Center East.
Canada-headquartered Aquanow, a crypto infrastructure supplier, has bolstered its compliance efforts by securing a Digital Asset Service Supplier (VASP) license from Dubai’s Digital Property Regulatory Authority (VARA).
Introduced yesterday (Monday), the license will enable the corporate to supply broker-dealer, lending and borrowing, and administration and funding companies. Nevertheless, the license stays non-operational till the corporate “absolutely satisfies all remaining circumstances and choose localization necessities outlined by VARA,” an ordinary process for VARA-licensed entities.
“Dubai’s D33 imaginative and prescient of rising as a high world monetary middle and a serious hub of innovation, testing, and commercialization of recent applied sciences was a key consider making the Emirate the centerpiece in our worldwide progress efforts,” Aquanow’s Co-Founder and CEO, Phil Sham, stated.
“We look ahead to enabling a spread of crypto use instances and contributing to the area’s efforts which can be main the digital belongings business in balancing client protections with world-changing expertise.”
Established in 2018, Aquanow affords digital belongings infrastructure to establishments, enabling them to supply monetary companies. Its buyer base consists of banks, neobanks, brokerages, and fee firms. In accordance with the corporate, “every month, billions of greenback worth go via” its platform.
Dubai Is Making a Mark in International Crypto Map
In the meantime, Dubai has turn out to be a most popular vacation spot for crypto firms because of the metropolis’s clear laws for the business. The authorities in Dubai established VARA, an unbiased regulator solely to supervise the domestically licensed crypto firms, in March 2022, together with particular laws for the business.
Through the years, a number of crypto firms, retail and institutional, have established bases within the vibrant metropolis of the Center East and obtained native licenses. Amongst retail crypto exchanges have been Binance, OKX, and Crypto.com, which have obtained licenses from VARA. Different firms like B2B Prime, GCEX, and HEX Belief additionally acquired an analogous license to strengthen their presence within the Center East.
