Dubai’s VARA Grants B2Prime Group ‘Initial Approval’

B2Prime Group, a well-established liquidity provider, reports that B2B Prime Digital MENA has obtained an “Initial Approval” for licensing from the Dubai Virtual Assets Regulatory Authority (VARA).

It’s worth noting that the licensing process is subject to fulfilling pre-operational prerequisites and securing operational approval from VARA. This important achievement represents VARA’s initial approval for licenses covering “Virtual Asset Exchange Services,” “Virtual Asset Broker Dealer Services,” and “Virtual Asset Transfer and Settlement Services.”

What is a VARA Crypto Licence?

The crypto trading landscape is tightly regulated in the UAE, considering the massive importance of Dubai as a global stage for financial technology and businesses. The Virtual Assets Regulatory Authority (VARA) is tasked with overseeing financial services and putting the right frameworks in place that promote and ensure market integrity. VARA issues a virtual asset and crypto trading licence, a VASP (virtual assets service provider) licence, allowing companies to offer services to local individual or institutional investors.

What is B2Prime Group?

B2Prime is a global Prime of Prime provider of liquidity and technology, offering a comprehensive package of financial services, such as aggregation systems, bridging trading platforms and CFD trading. After successfully getting operational licences in Mauritius and Cyprus, B2Prime’s B2B Prime Digital MENA received massive news in its application to extend its offerings to investors in Dubai. “We are excited to contribute to the growth of Dubai’s ever-growing Virtual assets ecosystem”, stated Eugenia Mykuliak, the founder of B2Prime. The company is now set to pursue full licencing through a list of conditions and legal steps to receive a complete VASP licence, allowing it to offer crypto CFD trading and virtual asset broker-dealer, exchange and transfer service in Dubai.

Virtual Asset Market Overview

The crypto market is witnessing a huge transition and potential growth, coupled with increasing acceptance around the world, including centralised banking systems and a series of events that can lift the value of most virtual coins and assets. Therefore, there is an increasing demand for a fully regulated crypto liquidity provider and technology supplier offering a whole package of virtual asset exchange, settlement and transfer solutions in the region.

The co-founder of B2B Prime Digital MENA demonstrated how critical this step is for the company, “We are extremely proud and grateful to have received initial approval from VARA, which is a testament to our determination to maintain the highest standards in regulatory compliance”.

Next Steps

B2B Prime Digital MENA is now moving forward towards full licencing, enabling it to launch its service to individual and institutional investors and onboard more local and international clients from Dubai.

“We’ve built a powerful ecosystem that not only meets but exceeds the industry’s standards, guaranteeing a safe and efficient gateway to virtual assets for users. We are ready to move forward in the licensing process in our bid to offer secure and streamlined access to virtual assets, strictly adhering to VARA’s guidelines”, said Arthur Azizov, as the company sets the steps towards a new era of crypto offerings in UAE.