Aquanow, a prominent player in the cryptocurrency infrastructure provider space, has achieved a significant milestone with its recent full operational approval from Dubai’s Virtual Asset Regulatory Authority (VARA). This approval marks a pivotal moment for Aquanow Crypto Brokerage, enabling the expansion of its services across lending, borrowing, asset management, investment services, and broker-dealer functions throughout the region.
The VARA license is instrumental in facilitating Aquanow Crypto Brokerage’s global expansion strategy, with the UAE poised to play a central role in its future growth trajectory. This regulatory green light not only underscores Aquanow’s commitment to compliance and market integrity but also opens doors to potential partnerships with leading financial institutions across the Middle East.
Aquanow’s Recognition and Global Reach
Headquartered in Canada, Aquanow operates on an international scale, collaborating with top-tier banks, brokerages, payment providers, and enterprises. The company has demonstrated an impressive growth rate, achieving a remarkable 1,842% sales increase over four years, earning recognition as one of North America’s fastest-growing financial technology firms according to the 2023 Deloitte Technology Fast 500 list.
Phil Sham, Co-founder and CEO of Aquanow, commented on the significance of Dubai’s regulatory framework: “Dubai is setting a benchmark for creating an environment that fosters financial innovation while ensuring top-notch customer protection, financial stability, and market integrity. We are eager to work closely with the regulator and our industry partners to advance the digital assets sector in the Middle East.”
VASP License Granted to Varni Labs (Roma) FZE
Varni Labs (Roma) FZE, recently licensed as a Virtual Asset Service Provider (VASP) by VARA (Reference: VL/24/04/003), is poised to revolutionize the financial sector from its base at Sheikh Rashid Tower in Dubai’s DWTC. This milestone enables Aquanow Crypto Brokerage to offer Broker-Dealer services to Qualified Investors and Institutions without limitations, further solidifying its position in the regional crypto market.
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Addressing Financial System Challenges
The evolution of the medium of exchange over the past millennia—from bartering to digital currencies—has not resolved all financial system challenges. Issues such as speed, high transaction costs, and unequal access persist, exacerbated by compliance with anti-money laundering (AML) and identity verification regulations. These challenges necessitate innovations that improve efficiency, security, and accessibility across global financial systems.
Varni Labs advocates for a future where global, real-time transactions are affordable and efficient through tokenization—a method that integrates tokenized assets seamlessly with fiat currencies. This approach enhances accessibility, speed, and cost efficiency without compromising on asset security or transaction integrity.
Aquanow Crypto Brokerage – A New Era for the Middle East Crypto Industry
Aquanow Crypto Brokerage’s attainment of full operational approval from Dubai’s Virtual Asset Regulatory Authority marks a significant milestone in the company’s journey towards establishing itself as a trusted platform in the evolving landscape of crypto trading. This milestone not only solidifies Aquanow’s position in the Middle East’s dynamic digital asset market but also underscores its commitment to compliance, market integrity, and fostering financial innovation.
With its VARA license in place, Aquanow is well-positioned to expand its range of services across lending, borrowing, asset management, investment services, and broker-dealer functions throughout the region. The regulatory approval also sets new standards for transparency and accountability in the crypto trading sector, paving the way for partnerships with leading financial institutions across the Middle East.
Phil Sham, Co-founder and CEO of Aquanow, emphasized the importance of Dubai’s regulatory framework in fostering a conducive environment for financial innovation while ensuring robust customer protection and market stability. This regulatory clarity enables Aquanow to advance the digital assets sector in the Middle East, contributing to its growth and development.
The UAE’s commitment to fostering a robust and well-regulated cryptocurrency ecosystem is evident in Aquanow Crypto Brokerage’s achievement of VARA approval. As other firms follow suit, the Middle East has the potential to emerge as a global leader in blockchain and cryptocurrency innovation, attracting talent, investment, and cutting-edge projects from around the world. As the crypto sector continues to expand, Aquanow and its peers are poised to play pivotal roles in shaping its future trajectory. Stay updated on Aquanow Crypto Brokerage’s transformative developments and the latest in crypto news with The Bit Journal.
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