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Wednesday, February 21, 2024

Aquanow Positive aspects VASP registration from VARA


Canada-headquartered Aquanow, a crypto infrastructure supplier, has bolstered its compliance efforts by securing a Digital Asset Service Supplier (VASP) license from Dubai’s Digital Belongings Regulatory Authority (VARA).

Introduced yesterday (Monday), the license will enable the corporate to supply broker-dealer, lending and borrowing, and administration and funding providers. Nonetheless, the license stays non-operational till the corporate “totally satisfies all remaining situations and choose localization necessities outlined by VARA,” a normal process for VARA-licensed entities.

“Dubai’s D33 imaginative and prescient of rising as a prime international monetary heart and a significant hub of innovation, testing, and commercialization of recent applied sciences was a key think about making the Emirate the centerpiece in our worldwide development efforts,” Aquanow’s co-founder and CEO, Phil Sham, stated.

“We stay up for enabling a spread of crypto use instances and contributing to the area’s efforts which are main the digital property business in balancing shopper protections with world-changing know-how.”

Established in 2018, Aquanow gives digital property infrastructure to establishments, enabling them to supply monetary providers. Its buyer base contains banks, neobanks, brokerages, and fee corporations. Based on the corporate, “every month, billions of greenback worth move by means of” its platform.

Dubai Making a Mark in World Crypto Map

In the meantime, Dubai has turn into a most popular vacation spot for crypto corporations because of the metropolis’s clear laws for the business. The authorities in Dubai established VARA, an impartial regulator solely to supervise the domestically licensed crypto corporations, in March 2022, together with particular laws for the business.

Over time, a number of crypto corporations, retail and institutional, have established bases within the vibrant metropolis of the Center East and obtained native license. Amongst retail crypto exchanges have been Binance, OKX, and Crypto.com, which have obtained licenses from VARA. Different corporations like B2B Prime, GCEX, and HEX Belief additionally obtained the identical license to strengthen their presence within the Center East.

Canada-headquartered Aquanow, a crypto infrastructure supplier, has bolstered its compliance efforts by securing a Digital Asset Service Supplier (VASP) license from Dubai’s Digital Belongings Regulatory Authority (VARA).

Introduced yesterday (Monday), the license will enable the corporate to supply broker-dealer, lending and borrowing, and administration and funding providers. Nonetheless, the license stays non-operational till the corporate “totally satisfies all remaining situations and choose localization necessities outlined by VARA,” a normal process for VARA-licensed entities.

“Dubai’s D33 imaginative and prescient of rising as a prime international monetary heart and a significant hub of innovation, testing, and commercialization of recent applied sciences was a key think about making the Emirate the centerpiece in our worldwide development efforts,” Aquanow’s co-founder and CEO, Phil Sham, stated.

“We stay up for enabling a spread of crypto use instances and contributing to the area’s efforts which are main the digital property business in balancing shopper protections with world-changing know-how.”

Established in 2018, Aquanow gives digital property infrastructure to establishments, enabling them to supply monetary providers. Its buyer base contains banks, neobanks, brokerages, and fee corporations. Based on the corporate, “every month, billions of greenback worth move by means of” its platform.

Dubai Making a Mark in World Crypto Map

In the meantime, Dubai has turn into a most popular vacation spot for crypto corporations because of the metropolis’s clear laws for the business. The authorities in Dubai established VARA, an impartial regulator solely to supervise the domestically licensed crypto corporations, in March 2022, together with particular laws for the business.

Over time, a number of crypto corporations, retail and institutional, have established bases within the vibrant metropolis of the Center East and obtained native license. Amongst retail crypto exchanges have been Binance, OKX, and Crypto.com, which have obtained licenses from VARA. Different corporations like B2B Prime, GCEX, and HEX Belief additionally obtained the identical license to strengthen their presence within the Center East.

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