B2Prime Group has received “Initial Approval” for licensing from the Dubai Virtual Assets Regulatory Authority (VARA) for B2B Prime Digital MENA’s activities of “Virtual Asset Exchange Services”, “Virtual Asset Broker Dealer Services”, and “Virtual Asset Transfer and Settlement Services”. The licensing is subject to fulfilling pre-operating conditions and qualifying for operational approval.
B2Prime Group, a Prime of Prime Multi-Asset Liquidity Provider, is licenced in Mauritius and Cyprus and is well-known for its reliability and highly rated expertise in Forex, Crypto CFDs, and other markets.
The company serves institutional and professional clients worldwide, offering institutional-grade hosting, advanced aggregation software, and ultra-low latency connectivity. The group caters to various clients, including exchanges, brokers, and hedge funds, delivering exceptional service, multilingual technical support, and dedicated relationship managers.
Visit B2Prime’s website, www.b2prime.com, to learn more about the company’s services.
What Is VARA, And What Does Its Initial Approval Mean For B2Prime?
VARA, established in March 2022, regulates, supervises, and oversees Virtual Assets (VAs) and VA Activities in all of Dubai’s zones, including Special Development Zones and Free Zones, but excluding the Dubai International Financial Centre.
VARA plays a crucial role in Dubai’s legal framework, protecting investors and establishing international standards for the virtual asset industry.
For B2Prime, getting VARA’s Initial Approval is essential for obtaining a complete Virtual Asset Service Provider (VASP) License, allowing for future expansion into Exchange, Broker Dealer, and Transfer and Settlement virtual asset services in the region.
Mrs Eugenia Mykuliak, Founder of B2Prime, expressed her gratitude for this achievement, stating that the B2Prime team is excited to contribute to the growth of Dubai’s ever-growing Virtual assets ecosystem.
Some Strategic Insights And Outlines For Comprehensive Virtual Asset Services
Securing the Initial Approval marks a major milestone and enables B2B Prime Digital MENA to proceed with licensing and offering virtual asset services under the VASP License for Transfer & Settlement, Broker-Dealer and Exchange.
Though getting Initial Approval is a big step forward, B2B Prime Digital MENA is still working towards obtaining VARA’s acclaimed Virtual Asset Service Provider license.
“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,” said Mr Arthur Azizov, Co-Founder of B2B Prime Digital MENA. “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.”
This progress is fundamental for the company, allowing it to provide its exceptional services and introduce its innovative products and solutions to the market within the Emirate of Dubai.
“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”, stated Adriana Paredes Herrera, CEO of B2B Prime Digital MENA.