Shipfinex FZCO is pleased to announce it has received an "Initial Approval" for licensing from the Government of Dubai Virtual Assets Regulatory Authority (VARA). Licensing remains subject to fulfilment of pre-operating conditions and qualifying for operational approval.
This approval marks a significant step toward launching a regulated and secure platform for investors seeking fractional ownership and investment opportunities in the maritime industry.
The initial approval and no-objection certificate is a testament to Shipfinex’s commitment to compliance and innovation. This is an essential milestone in the pursuit of a complete Virtual Asset Service Provider (VASP) License and will enable Shipfinex to move forward in the licensing process as we look to offer comprehensive virtual asset services and related activities in the region in the future.
"We are thrilled to receive this initial approval, which allows us to lay the groundwork for our operations and move closer to offering innovative and compliant virtual asset services to our clients," said Capt Vikas Pandey, CEO of Shipfinex FZCO. "This initial approval aligns with our commitment to contribute to the UAE’s strategy for future innovation and sustainability."
As the global landscape for virtual assets evolves, the potential for regulated tokenized assets becomes increasingly significant. By adhering to comprehensive compliance and risk management protocols, Shipfinex aims to democratize ship ownership, making ships accessible to a wider range of investors – both retail and institutional.
Shipfinex’s operations in the UAE, once fully licensed, will enhance the country’s digital asset infrastructure, contributing to its reputation as a forward-thinking hub for financial innovation. With its robust regulatory environment and strategic initiatives, the UAE is a leader in the financial industry. Shipfinex’s presence will further strengthen Dubai’s status as a global maritime and commerce hub, driving economic growth through innovative solutions and fractional ownership models.
About Shipfinex FZCO: Shipfinex is a pioneering platform in the maritime sector offering secure and regulated opportunities for investing and owning tokenized maritime assets. By leveraging innovative solutions, Shipfinex provides secure, efficient, and transparent services, enhancing the value chain for investors globally. For more information, visit www.shipfinex.com.
Media Contact:
Capt.Vikas Pandey
CEO
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About VARA
The Virtual Assets Regulatory Authority (VARA), established in March 2022 under Law No.4 of 2022, is responsible for regulating, supervising, and overseeing virtual assets and related activities across Dubai, including Special Development Zones and Free Zones, excluding the Dubai International Financial Centre.
VARA is instrumental in developing Dubai's advanced legal framework for virtual asset industry governance, focusing on investor protection, and supporting a borderless economy vision.
For more information, visit www.vara.ae.
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