Shipfinex Receives VARA In‑Principle Approval for VASP License

Shipfinex has received In‑Principle Approval (IPA) from Dubai’s Virtual Assets Regulatory Authority (VARA) for a VASP license. This approval marks a significant regulatory milestone and places Shipfinex within VARA’s formal licensing framework for virtual asset activities related to maritime assets.

An In‑Principle Approval is a provisional regulatory status. It confirms that VARA has assessed Shipfinex’s operating model, governance approach, and compliance intent, and has permitted the company to proceed to the next phase of regulatory readiness.

This week we will understand what the VARA IPA means, what it does not mean, and why Shipfinex chose a regulation‑first path in building maritime asset tokenization infrastructure.

What Has Been Approved

The In‑Principle Approval has been granted under VARA’s Broker Dealer regulatory framework. This framework governs how platforms facilitate transactions between participants, including standards for market conduct, transaction processes, and customer protection.

By granting the IPA, VARA has confirmed that Shipfinex meets the initial regulatory expectations required to advance toward full operational licensing. The approval allows Shipfinex to continue working with VARA to complete the remaining requirements, which include operational readiness verification, technology and cybersecurity assessments, and the finalization of compliance controls.

Importantly, the IPA reflects regulatory progression, not completion. Shipfinex remains subject to ongoing review and must satisfy all conditions set by VARA before receiving final authorization.

What “In‑Principle Approval” Means, and What It Does Not

In‑Principle Approval is often misunderstood. To ensure clarity, it is important to state explicitly what the VARA IPA represents and what it does not.

What it means:

• VARA has reviewed Shipfinex’s proposed business model and compliance framework.

• Shipfinex is permitted to proceed toward operational readiness under regulatory supervision.

• The platform is being built within a defined, supervised regulatory environment.

What it does not mean:

• It is not a full operational VASP license.

• It does not mean that regulated operations are live.

• It does not imply regulatory endorsement of any specific asset, ship, or offering.

The distinction matters. VARA’s licensing process is deliberately phased to ensure that platforms demonstrate compliance in practice, not only in design.

Why Regulation Matters in Maritime Asset Tokenization

Maritime assets are high‑value, long‑life assets with complex operational, legal, and financial characteristics. Introducing digital representations of such assets requires robust regulatory oversight to ensure transparency, accountability, and market integrity.

VARA’s framework establishes enforceable standards for platforms facilitating virtual asset activities. These standards are designed to address risks related to market conduct, misuse of funds, operational failures, and financial crime. For platforms operating under VARA’s supervision, compliance is a condition of participation.

For maritime asset tokenization, regulatory oversight plays a foundational role. It ensures that ownership structures are clearly documented, that transaction processes are governed by defined rules, and that participants interact within a supervised environment rather than unregulated digital marketplaces.

Shipfinex’s decision to pursue a VASP license reflects a long‑term view: maritime asset tokenization must be built on regulatory certainty to achieve institutional credibility and sustainable growth.

Why Shipfinex Chose the VASP Framework

VARA offers multiple license categories depending on the nature of virtual asset activities. Shipfinex pursued the VASP framework because it aligns with the platform’s intended function: facilitating the distribution and transaction of Maritime Asset Tokens that represent fractional co-ownership rights in ships.

Under the VASP framework, platforms are required to implement controls across several key areas:

• Transaction governance: Defined processes for order handling, execution, and settlement.

• Market conduct: Rules designed to promote fair dealing and prevent manipulation.

• Compliance controls: Anti‑Money Laundering (AML) and Know Your Customer (KYC) measures aligned with institutional standards.

• Operational oversight: Ongoing regulatory supervision and reporting obligations.

These requirements create a structured environment in which digital representations of maritime assets can be offered and managed responsibly. The framework prioritizes governance and accountability over speed to market.

What This Means for Shipfinex Users

For existing users and prospective participants, the VARA IPA signals that Shipfinex is progressing through a formal regulatory pathway. As part of this process, participation in regulated virtual asset activities requires compliance with identity verification and due diligence standards.

Completing Know Your Customer (KYC) verification is a core requirement within VARA’s framework. KYC enables platforms to confirm participant identity, assess source‑of‑funds considerations, and ensure alignment with regulatory obligations. These measures are designed to protect participants and maintain the integrity of the regulated environment.

While the platform continues to progress toward full authorization, users should understand that regulatory readiness involves phased implementation. Access to regulated activities will occur only after all applicable requirements are met and final approval is granted.

The Path From IPA to Full Authorization

Following the grant of In‑Principle Approval, Shipfinex is in the operational readiness phase. This stage involves working closely with VARA to demonstrate that all regulatory conditions have been satisfied in practice.

This includes:

• Validation of technology systems and cybersecurity controls

• Finalization of operational procedures for transaction handling

• Verification of compliance and customer protection mechanisms

The timeline for full authorization depends on the completion and verification of these requirements. Shipfinex’s approach prioritizes thorough compliance over expedited timelines, reflecting a commitment to long‑term regulatory alignment rather than short‑term deployment.

Building Regulated Infrastructure for Maritime Finance

Shipfinex’s VARA In‑Principle Approval represents a foundational step in building regulated infrastructure for maritime asset tokenization. It reflects a deliberate choice to operate within a supervised framework designed to uphold transparency, accountability, and market integrity.

This milestone is part of an ongoing process to establish maritime digital assets within a regulatory environment that meets institutional standards. As Shipfinex progresses toward full authorization, the guiding principle remains consistent: innovation must be supported by regulation to be durable and credible.

Important Regulatory Disclosure

Shipfinex has received an In‑Principle Approval (IPA) from the Virtual Assets Regulatory Authority (VARA) for a Virtual Asset Service Provider license. An IPA is not a full operational license and is subject to the completion of final regulatory requirements. Maritime Asset Tokens represent fractional ownership in ships and involve significant risks, including market volatility, operational risks, and the potential for total loss of capital.

Regulatory oversight establishes a framework for governance and accountability but does not eliminate inherent asset risks. This content is provided for informational purposes only and does not constitute financial, legal, or investment advice. Please review the full Risk Disclosure Statement before participating in any maritime asset offerings.