VARA, Virtual Asset Regulatory Authority in Dubai, has granted its initial approval to B2B Prime Digital MENA to offer financial services in the Emirate of Dubai while the complete licence is due to further compliance and conditions.
B2Prime is a liquidity provider company that actively works with brokers, exchanges, hedge funds, and more, offering technology solutions and market accessibility to a wide array of financial instruments, including cryptocurrencies.
As the company seeks to expand its network, it has received preliminary approval to offer its service in Dubai, UAE. What does the “initial approval” entail, and what does it mean for the market? Let’s find out.
The Meanings Behind The Initial Approval
In its bid to earn a complete operational licence in Dubai, B2B Prime Digital MENA has received an “initial approval” from VARA, the regulatory body in Dubai. This means that the company can pursue legal steps in its financial offerings in the region, such as virtual asset broker-dealer services and virtual asset exchange, transfer and settlement solutions.
The founder of B2Prime, Eugenia Mykuliak, connected on this milestone, “We are excited to contribute to the growth of Dubai’s ever-growing Virtual assets ecosystem”.
Additionally, the co-founder of B2B Prime Digital MENA, Arthur Azizov, talked about the importance of this step, “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”.
The company is set to move ahead with the predetermined conditions to qualify for the full licence, allowing B2B Prime Digital MENA to expand its offerings and onboard more investors and institutional traders in 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 Mr Azizov.
VARA stands for the Virtual Assets Regulatory Authority, created in 2022 by Law No.4, which is tasked with supervising and regulating the scene of virtual assets financial activities in Dubai. Its activities include setting the legal framework and maintaining market integrity.
VARA’s activities cover special development zones and free zones in Dubai, excluding the Dubai International Financial Centre. This entity seeks to develop the trading landscape in Dubai and create regulations that further develop the industry.
B2Prime Group is the world’s leading provider of liquidity and technological solutions that assist individuals and businesses to thrive in the trading and brokerage industries. The company offers a user-friendly aggregation platform with multi-asset hosting and liquidity provision that covers +200 assets.
After successfully getting operational licences in Mauritius and Cyprus, B2Prime is expanding its presence in Dubai through its MENA entity “B2B Prime Digital MENA”.
The company meets and exceeds its client’s expectations by offering advanced trading software development, 24/7 technical support, and a team of relationship managers.
B2B Prime Digital MENA is working towards meeting the set criteria to qualify for the VASP (Virtual Asset Service Provider) licence and offer its comprehensive financial services under a completely operational framework and approval.
“The receipt of the Initial Approval for all three licenses, particularly the Transfer and Settlement License, was eagerly awaited and has brought immense joy to our entire team. This achievement has undoubtedly inspired us to pour our absolute best towards securing the Virtual Asset Service Provider license”, said the CEO of B2B Prime Digital MENA, Adriana Paredes Herrera.
This amplifies the significance of the region as a global FinTech hub, attracting a huge number of developers, financial institutions and investors. This milestone comes timely with the growing virtual asset market, especially cryptocurrencies.