Canadian based Aquanow ME FZE local UAE entity, a digital assets liquidity infrastructure provider, has received a full virtual asset service provider license from Dubai Virtual asset regulatory Authority (VARA).

The license which is currently pending, will allow Aquanow to offer crypto broker dealer services as well as investment services. Aquanow will also be able to offer crypto lending and borrowing services.

Aquanow has been operating crypto infrastructure at scale since 2018.

In January 2023, Aquanow and Gate.io, a global cryptocurrency exchange with over $6B in daily volume, entered into a partnership to build global liquidity for the next wave of blockchain projects.

In June 2023 Aquanow, announced that it had received initial approval from Dubai’s Virtual Asset Regulatory Authority (VARA), while it undertakes the in-depth process of applying for a license in accordance with VARA requirements.

Aquanow is a global leader in digital assets infrastructure and is a facilitator for cryptocurrency trading in over 50 countries. 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.

“Dubai’s D33 vision of emerging as a top global financial center and major hub of innovation, testing, and commercialization of new technologies was a key factor in making the Emirate the centerpiece in our international growth efforts,” said Phil Sham, Aquanow Co-Founder and CEO. “We look forward to enabling a range of crypto use cases, and contributing to the region’s efforts that are leading the virtual assets industry in balancing consumer protections with world-changing technology.”

With this VARA has awarded OKx, CoinMENA and several other crypto exchanges and brokers in the UAE licenses to start their operations in a regulated manner.

Article updated with quote at 7:50 UAE time.