Canadian company “Aquanow” has announced that it has obtained a license from the Dubai Asset Virtual Asset Authority, allowing it to offer a variety of services as a Virtual Asset Service Provider (VASP), such as brokerage, trading, management, investment, lending, and borrowing.
Phil Sham, the company’s CEO, described this license as a significant achievement for the company, emphasizing that the licensing process was rigorous and the standards were high.
Dubai Asset Virtual Asset Authority was established in March 2022 to oversee and develop the Web 3 ecosystem in Dubai. In February 2023, it issued regulatory guidelines for Virtual Asset Service Providers.
These guidelines include a set of mandatory rules specific to activities that VASPs must comply with.
Company requirements for licensing include securing clients and opening separate accounts for client funds in banks licensed by the Central Bank of the United Arab Emirates.
Once the company meets these requirements, it will be able to offer cryptocurrency services to its clients and partners on a wide scale.
According to Sham, the company will establish its regional headquarters in Dubai, enabling it to expand and explore markets in Africa and Asia. Founded in 2018, “Aquanow” serves over 300 institutional clients in 50 countries.
The company was listed as one of Canada’s fastest-growing financial technology companies in 2023, with a revenue growth rate of 1842% over four years.
With this announcement, “Aquanow” joins the list of regulatory authorities overseeing Virtual Asset Service Providers in Dubai, such as cryptocurrency exchange “OKX” and investment platform “Fasset”.