Cyprus-based liquidity services provider B2Prime Group has announced that its subsidiary B2B Prime Digital MENA has received “Initial Approval” for licensing from the Dubai Virtual Asset Regulatory Authority (VARA). Licensing is still subject to the fulfillment of operating conditions and VARA’s operating approval.
The company said this milestone marks the granting of initial approvals by VARA for licenses covering activities of “Virtual Asset Exchange Services”, “Virtual Asset Broker Dealer Services” and “Virtual Asset Transfer and Settlement Services”.
What does initial VARA approval mean?
It is an important milestone in the pursuit of a full Virtual Asset Services License (VASP) and will allow B2Prime to move forward with the licensing process as it looks to offer comprehensive Virtual Asset Exchange, Broker Dealer and Transfer and Settlement services and related activities in area in the future.
Eugenia Mykuliak, Founder of B2Prime, expressed her gratitude for this achievement, stating
“We are excited to contribute to the growth of Dubai’s ever-growing virtual asset ecosystem.”
Setting the stage for end-to-end virtual asset services
This initial approval allows B2B Prime Digital MENA to proceed with the licensing process before finally offering virtual asset services under the VASP Transfer & Settlement, Broker-Trading and Exchange License, which is, of course, subject to operational approval by VARA.
“We are extremely proud and grateful to have received the initial approval from VARA, which is proof of our determination to maintain the highest standards in regulatory compliance,” said Mr. Arthur Azizov, Co-Founder of B2B Prime Digital MENA. “We have built a robust ecosystem that not only meets but exceeds industry standards, ensuring a secure and efficient gateway to virtual assets for users. We are ready to proceed with the licensing process in our effort to offer secure and optimized access to virtual assets, strictly adhering to VARA guidelines.”
While this initial approval is a milestone achievement, B2B Prime Digital MENA said it continues to work towards obtaining VARA’s highly regarded virtual asset service license.
“Receiving Initial Approval for all three licences, particularly the Transfer and Settlement License, has been eagerly awaited and has brought immense joy to our entire team. This achievement has undoubtedly inspired us to do our best to secure the Virtual Asset Service Provider license,” said Adriana Paredes Herrera, CEO of B2B Prime Digital MENA.
This progress is necessary for the company to fully operate in the Emirate of Dubai and bring its innovative products and solutions to market.
Strategic ideas
Currently, there is a growing demand in the market for a reliable Prime of Prime crypto brokerage service provider, with a particular focus on the spot digital asset sector.
B2Prime’s initial strategic objective will be to provide access to the widest range of assets in the industry and provide trading conditions that meet the needs of both retail and institutional clients, all through its own advanced platform.
About B2Prime
B2Prime Group, a Prime of Prime Multi-Asset Liquidity Provider, serves institutional and professional clients worldwide. Licensed in Cyprus and Mauritius, it is known for its compliance, reliability and expertise in Forex, Crypto CFD and other markets.
B2Prime offers advanced aggregation software, ultra-low latency connectivity and enterprise-grade hosting. Its diverse client base spans stock exchanges, brokers, hedge funds and more. The team is committed to providing excellent customer service, 24/7 multilingual technical support and dedicated relationship managers.