Crypto infrastructure provider Aquanow today announced that it has been granted its Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA).

The license remains non-operational until the company fully satisfies all remaining conditions and select localisation requirements defined by VARA, following which it will be able to commence operations, subject to regulatory reverification and approval.

The company, which is headquartered in Vancouver, Canada, has worked closely with global financial institutions including top-tier banks, brokerages, payment service providers, and enterprises. Since its inception in 2018, Aquanow has unlocked a multitude of crypto use cases and shaped its clients’ crypto strategy.

The license from VARA marks a major milestone in the company’s international expansion plans. Aquanow’s VASP license will enable it to offer broker-dealer, lending and borrowing, and management and investment services in Dubai.

“Dubai’s D33 vision of emerging as a top global financial center and major hub of innovation, testing, and commercialisation of new technologies was a key factor in making the Emirate the centerpiece in our international growth efforts,” said Phil Sham, Aquanow co-founder and CEO. “We look forward to enabling a range of crypto use cases and contributing to the region’s efforts that are leading the virtual assets industry in balancing consumer protections with world-changing technology.”