Aquanow, a crypto infrastructure provider has received its full operational license from Dubai’s Virtual Asset Regulatory Authority (VARA) after its full VASP license was approved in August 2024. The license will allow Aquanow to offer crypto broker dealer, lending, borrowing, and management and investment services across the region.

As per Aquanow press release, the license 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.

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.

Last Week Roma (Varni Labs) whose focus is to bridge the gap between fiat and digital assets for institutions fiat on ramping, obtained an operational Virtual Asset Service Provider license from Dubai’s Virtual Assets Regulatory Authority (VARA) for crypto brokerage services as well.