VARA Grants Full Operational Approval to Aquanow Following Varni Labs’ Recent License
Aquanow, a prominent player in the cryptocurrency infrastructure sector, has been granted full operational approval by Dubai’s Virtual Asset Regulatory Authority (VARA).
This endorsement allows Aquanow to provide a range of services, including Broker-Dealer, Lending and Borrowing, and Management and Investment Services throughout the region.
The VARA license represents a crucial step in Aquanow’s global expansion strategy, with the UAE set to play a pivotal role in the company’s growth. This approval positions Aquanow to launch its services and collaborate with major financial institutions across the Middle East, underscoring the robust regulatory framework established in the UAE.
Based in Canada, Aquanow operates on an international scale, partnering with leading banks, brokerages, payment service providers, and enterprises. In 2023, the company was recognized among North America’s fastest-growing financial technology firms, achieving a remarkable four-year revenue growth rate of 1,842%, as noted by the Deloitte Technology Fast 500 list.
Phil Sham, Co-founder and CEO of Aquanow, commented, “Dubai is setting the 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.”
Varni Labs (Roma) FZE Receives VASP License
On another note, Varni Labs (Roma) FZE, a newly licensed Virtual Asset Service Provider (VASP), is setting its sights on transforming the financial world.
Based at Sheikh Rashid Tower in Dubai’s DWTC, the firm has received its VASP licence (Reference: VL/24/04/003) from VARA, officially granted on July 22, 2024.
The licence authorizes Varni Labs to offer Broker-Dealer services to Institutional and Qualified Investors, marking a significant milestone in their mission to revolutionize financial transactions.
