UAE based Shipfinex, a Blockchain platform for tokenizing maritime assets, announced that it had initial approval from Dubai’s Virtual Assets Regulatory Authority (VARA). The licensing remains subject to fulfilment of pre-operating conditions and qualifying for operational approval. Asper the updated press release, this approval marks a significant step toward launching a regulated and secure platform for investors seeking fractional ownership and investment opportunities in the maritime industry.
The maritime industry has long been dominated by large institutions and wealthy individuals, primarily due to high capital requirements and limited liquidity. ShipFinex is introducing fractional ownership and blockchain technology, making maritime investments accessible to everyday investors.
The Initial approval is an essential milestone in the pursuit of a complete Virtual Asset Service Provider (VASP) License and will enable Shipfinex to move forward in the licensing process as we look to offer comprehensive virtual asset services and related activities in the region in the future.
“We are thrilled to receive this initial approval, which allows us to lay the groundwork for our operations and move closer to offering innovative and compliant virtual asset services to our clients,” said Capt Vikas Pandey, CEO of Shipfinex FZCO. “This initial approval aligns with our commitment to contribute to the UAE’s strategy for future innovation and sustainability.”
On receiving the license, ShipFinex will be able to offer a comprehensive suite of services, including brokerage, custody, exchange, and investment management, all within a fully regulated ecosystem. This provides investors with a one-stop platform for diversified maritime investments.
Shipfinex’s operations in the UAE, once fully licensed, will enhance the country’s digital asset infrastructure, contributing to its reputation as a forward-thinking hub for financial innovation. With its robust regulatory environment and strategic initiatives, the UAE is a leader in the financial industry. Shipfinex’s presence will further strengthen Dubai’s status as a global maritime and commerce hub, driving economic growth through innovative solutions and fractional ownership models.
In the coming months, ShipFinex plans to expand its offerings and capabilities to further enhance investor experience and drive growth in the maritime finance sector. It will introduce a broader range of tokenized maritime assets giving investors more options to diversify their portfolios, whether they are interested in cargo shops, tankers or specialized vessels.
The article was updated on Sept 2nd at 19:17 Beirut Time based on an updated press release published on the same link provided in initial story.
