ShipFinex a Maritime asset tokenization platform receives in principle approval from VARA

UAE based, Shipfinex which aims to revolutionize ship ownership and investment by making it accessible to everyone, through fractional ownership and blockchain technology, through a Maritime asset tokenization infrastructure, has received an In‑Principle Approval (IPA) from Dubai’s Virtual Assets Regulatory Authority (VARA) for a VASP license under crypto brokerage regime.

In September 2024, Shipfinex had also announced it received an in principle license from VARA, but the story and page were later deleted.

Two years later in 2026, and as per the press release, the approval marks a significant regulatory milestone and places Shipfinex within VARA’s formal licensing framework for virtual asset activities related to maritime assets. It confirms that VARA has assessed Shipfinex’s operating model, governance approach, and compliance intent, and has permitted the company to proceed to the next phase of regulatory readiness.

The In‑Principle Approval has been granted under VARA’s Broker Dealer regulatory framework. This framework governs how platforms facilitate transactions between participants, including standards for market conduct, transaction processes, and customer protection.

The approval allows Shipfinex to continue working with VARA to complete the remaining requirements, which include operational readiness verification, technology and cybersecurity assessments, and the finalization of compliance controls.

Maritime assets are high‑value, long‑life assets with complex operational, legal, and financial characteristics. Introducing digital representations of such assets requires robust regulatory oversight to ensure transparency, accountability, and market integrity.

Regulatory oversight is key for Maritime asset tokenization because it ensures that ownership structures are clearly documented, that transaction processes are governed by defined rules, and that participants interact within a supervised environment rather than unregulated digital marketplaces.

The press release notes that Shipfinex’s decision to pursue a VASP license reflects a long‑term view: maritime asset tokenization must be built on regulatory certainty to achieve institutional credibility and sustainable growth.

VARA offers multiple license categories depending on the nature of virtual asset activities. Shipfinex pursued the VASP framework because it aligns with the platform’s intended function: facilitating the distribution and transaction of Maritime Asset Tokens that represent fractional co-ownership rights in ships.

Under the VASP framework, platforms are required to implement controls across several key areas:

• Transaction governance: Defined processes for order handling, execution, and settlement.
• Market conduct: Rules designed to promote fair dealing and prevent manipulation.
• Compliance controls: Anti‑Money Laundering (AML) and Know Your Customer (KYC) measures aligned with institutional standards.
• Operational oversight: Ongoing regulatory supervision and reporting obligations.

These requirements create a structured environment in which digital representations of maritime assets can be offered and managed responsibly. The framework prioritizes governance and accountability over speed to market.

For existing users and prospective participants, the in principle approval signals that Shipfinex is progressing through a formal regulatory pathway. As part of this process, participation in regulated virtual asset activities requires compliance with identity verification and due diligence standards.

Completing Know Your Customer (KYC) verification is a core requirement within VARA’s framework. KYC enables platforms to confirm participant identity, assess source‑of‑funds considerations, and ensure alignment with regulatory obligations. These measures are designed to protect participants and maintain the integrity of the regulated environment.

While the platform continues to progress toward full authorization, users should understand that regulatory readiness involves phased implementation. Access to regulated activities will occur only after all applicable requirements are met and final approval is granted.

In 2024, Shipfinex raised $1.4 million in seed funding.