Aquanow, a digital assets infrastructure provider, has received initial approval from Dubai's Virtual Asset Regulatory Authority (VARA) as it prepares to offer its full range of digital asset services in Dubai. The approval was granted following a demonstration of Aquanow's operational and compliance process, and full approval will be issued once all VARA requirements are met.

Aquanow views Dubai as a key hub for its international growth efforts and is rapidly expanding in the Middle East, where the UAE is an emerging hub of Web 3.0 innovation with over 500 crypto companies based in the country. VARA, established in March 2022, aims to create an advanced legal framework to protect investors and set international standards for the virtual assets industry.