Dubai’s Virtual Assets Regulatory Authority (VARA) has granted In-Principle Approval (IPA) to Shipfinex FZCO for a Broker-Dealer licence, marking a transformative development in maritime finance. The digital platform, dedicated to democratizing access to the maritime economy, has successfully met VARA’s stringent preliminary requirements for compliance, security, and operational capabilities.
This regulatory milestone accelerates Shipfinex’s mission to revolutionize ship ownership through fractional investment opportunities. By leveraging Distributed Ledger Technology, the company tokenizes maritime assets into Maritime Asset Tokens (MAT), enabling both individual and institutional investors to purchase fractional ownership rights in vessels—an asset class historically dominated by large institutional funds.
Capt Vikas Pandey, founder and CEO, emphasized the significance of VARA’s endorsement: “This approval validates our commitment to establishing a fully regulated, secure, and transparent ecosystem for shipping finance. Dubai’s emergence as a global virtual asset hub aligns perfectly with our operational standards and investor protection protocols.”
Vivek Seth, Chairman of Shipfinex, highlighted the industry’s transformation: “While maritime remains a cornerstone of global commerce, its financial structures have stagnated for decades. This approval signifies the successful integration of traditional shipping reliability with digital economy efficiency.”
CFO Dipak Karki characterized the development as “an evolutionary step for ship finance” that enhances both debt and equity markets through technological innovation. The platform will provide a transparent marketplace for shared vessel ownership, now backed by world-class regulatory validation.
Shipfinex will now advance toward fulfilling remaining conditions to obtain full Virtual Asset Service Provider (VASP) licensing, promising investors a seamless, governed environment for maritime asset participation with complete security and transparency.