Crypto Infrastructure Firm Aquanow Obtains VASP License in Dubai
Crypto Infrastructure Firm Aquanow Obtains VASP License in Dubai
Canadian-based fully crypto infrastructure company Aquanow obtained a Digital Asset Service Supplier (VASP) license from financial authorities in Dubai.
In a Feb 12 announcement, Aquanow disclosed that it received the regulatory nod from the Digital Resources Regulatory Authority (VARA) in Dubai to provide its carrier to the ever-rising market.
Gargantuan news: we now were awarded a VASP license by Dubai’s VARA! 🇦🇪
— Aquanow (@aquanow) February 12, 2024
In step with the free up, the license will live non-operational till the firm completes diversified responsibilities wanted for the total license. Such situations can embody localization necessities and sure approvals.
“The license remains non-operational till the firm completely satisfies all closing situations and pick out localization necessities defined by VARA, following which this would possibly perchance perchance per chance additionally be ready to initiate operations, field to regulatory verification and approval.”
This first step to securing full regulatory compliance in Dubai displays Aquanow’s commitment to global growth and its plans to onboard contemporary customers to the platform.
The license will allow Aquanow to provide investment, administration, lending, borrowing, and broker-vendor companies and products in the jurisdiction.
Aquonow eminent in the free up that the approval came after a rigorous vetting direction of exhibiting the excessive VARA standards.
Phil Sam, the CEO of Aquanow, lauded Dubai’s vision to became an innovation hub and its insurance policies as a indispensable determinant for picking town as portion of its growth plans.
The firm will now onboard crypto exhaust cases and diversified companies and products per the discipline’s effort to became a whisk-setter in digital applied sciences.
“We discover ahead to enabling an growth of crypto exhaust cases and contributing to the discipline’s efforts leading the digital belongings change in balancing user protections with world-changing expertise.”
Headquartered in Canada, Aquanow serves 300 institutional purchasers from 50 worldwide locations with diverse crypto exhaust cases as portion of its technique.
Aquanow Will Earnings From VARA License
Final Twelve months, a few cryptocurrency commentators praised Dubai’s effort to roll out a regulatory framework in its plans to became a number one Web3 hub.
Established in March 2022, VARA objectives to streamline the entire digital belongings ecosystem, growing regulatory guidelines for all stakeholders.
The cause is to guard investor belongings from the prevalent crypto scams and false actions and originate a boost plot for the discipline to became a functioning Web3 hub.
Dubai seeks to faucet into the possibility of blockchain expertise to raise change and disagreeable-border payments and entice Web3 companies to town.
In February 2023, VARA released a regulatory tenet for companies working in its jurisdiction that mandates companies to make a selection up their licenses earlier than offering companies and products to customers. All companies must apply the foundations regarding registrations, disclosures to authorities, and marketing and marketing with sanctions imposed on defaulters.
Aquanow’S VASP license takes it additional in global regulatory compliance, a indispensable criterion for main traders.
Source : cryptonews.com
