Aquanow, a frontrunner in the cryptocurrency infrastructure provider space, has reached a significant milestone. Aquanow has secured full operational approval from Dubai’s Virtual Asset Regulatory Authority (VARA). Since this feat, Aquanow Crypto Brokerage has expanded its services. This encompasses lending and borrowing, management and investment services, and broker-dealer functions throughout the region.
The VARA licence is a major step in Aquanow Crypto Brokerage’s global expansion. The UAE is expected to play an important role in the company’s future growth. This approval allows Aquanow to begin operations, demonstrating the UAE’s strong regulatory framework. Also, it opens prospects for partnerships with prominent financial institutions around the Middle East.
Aquanow’s Recognition and Global Reach
Based in Canada, Aquanow operates on an international scale. They work with top banks, brokerages, payment providers, and businesses. Aquanow has a 1,842% four-year sales growth rate. Thus, it became one of North America’s fastest-growing financial technology companies. This achievement is from the Deloitte Technology Fast 500 list of 2023.
According to Phil Sham, the Co-founder and CEO of Aquanow, “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.”
VASP License Granted to Varni Labs (Roma) FZE
The recently VASP-licensed Varni Labs (Roma) FZE plans to revolutionise the financial sector. The firm’s VASP licence (Reference: VL/24/04/003) was formally awarded on July 22, 2024, by VARA. The firm is based at Sheikh Rashid Tower in Dubai’s DWTC.
A significant step towards Varni Labs’ goal of transforming financial transactions has been granted with the license. It launches the Aquanow crypto brokerage without limitations. This allows the company to provide Broker-Dealer services to Qualified Investors and Institutions.
Addressing Financial System Challenges
The medium of exchange has undergone substantial evolution during the past five thousand years. It has gone from bartering to coins, banknotes, and now digital money. The modern monetary system still has its share of problems, though, despite these improvements. Some of these problems include:
- Speed: Real-time processing of transactions is not always guaranteed.
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- High transaction costs: This continues to affect individual and business finances.
- Access: Not everyone has easy access to all types of financial assets.
Compliance with AML and identity verification regulations is difficult. This applies especially to new financial technologies that aim to stabilise and secure the system. The policies aren’t the problem. Instead, the laborious and inefficient clearing, messaging, and settlement mechanisms are.
As a result, Varni Labs claims to have a vision for the future. His vision for the financial system enables cheap, global, real-time transactions. Their method encompasses tokenisation, which involves developing a novel monetary asset, payment, and investment standard. Also, integrating tokenised assets with fiat currency seamlessly allows users to optimise access, speed, and cost. They wouldn’t have to worry about the underlying asset type.
Also, universal identity is another approach. It involves making all digital and on-chain transactions rely on biometric identification. There will also be system improvements. It would Improve clearing, communications, settlement, and ledger technology to address long-standing inefficiencies.
Since “Change happens gradually at first, and then suddenly,” some UAE-based businesses are paving the way for a revolutionary change in finance. They are connecting traditional fiat currency with digital assets held by institutions around the world. Innovations like the Aquanow Crypto Brokerage will aid in actualising this global vision.
Aquanow Crypto Brokerage – A New Era for Aquanow and the Middle East Crypto Industry
An exciting new chapter has begun with the Aquanow Crypto Brokerage and the Middle East crypto industry. This is all thanks to the complete operational permission granted by Dubai’s Virtual Asset Regulatory Authority. Aquanow has now established itself as a key participant in the region’s dynamic digital asset market.
Aquanow could have a significant impact on the spread and use of blockchain and crypto in the UAE as it launches its services there. With the Aquanow Crypto Brokerage, the firm is well-positioned to promote innovation in financial services. It encourages more institutional investment in cryptocurrency markets by connecting conventional finance with digital assets.
The UAE shows dedication to cultivating a robust and properly regulated cryptocurrency ecosystem. This is further demonstrated by Aquanow Crypto Brokerage’s accomplishment in obtaining VARA approval. The Middle East has the potential to become a global leader in blockchain and cryptocurrency innovation if other companies follow Aquanow’s lead. This may bring in top talent, investors, and innovative projects from all over the globe. As the crypto sector grows, this development is good news for Aquanow and the industry as a whole. Turkishnyradio continues to monitor and provide updates and other crypto developments.
