Dubai’s Virtual Assets Regulatory Authority “Initially Approves” B2B Prime Digital MENA Financial Services
The Virtual Asset Regulatory Authority (VARA) of Dubai granted its “Initial Approval” in licencing B2Prime’s activity in the Emirates. This announcement represents a great achievement for B2B Prime Digital MENA to expand its financial services in Dubai.
B2Prime is a regulated Prime of Prime (PoP) liquidity provider that offers liquidity and CFD trading solutions to institutional and retail investors, covering over 220 financial instruments.
B2Prime’s services include aggregation software and top-notch hosting at ultra-high connection uptime, with a diverse clientele including exchanges, brokers and hedge funds.
VARA’s Initial Approval
VARA is Dubai’s regulatory body that governs and oversees virtual exchange and asset settlement using comprehensive regulations and behavioural guidelines. The entity was established in 2022 as per the Law No.4, 2022. VARA’s framework covers the Special Development Zones and Free Zones, excluding the Dubai International Financial Centre.
This governmental institution plays a major role in developing Dubai’s legal environment, protecting investors’ interests and setting global standards for virtual asset trading.
Therefore, giving an initial approval represents a preliminary form of licencing, allowing B2B Prime Digital MENA to provide financial services, such as “Virtual Asset Exchange Services”, “Virtual Asset Broker Dealer Services”, and “Virtual Asset Transfer and Settlement Services”.
“We are excited to contribute to the growth of Dubai’s ever-growing Virtual assets ecosystem”, said Mrs Eugenia Mykuliak, the founder of B2Prime, as the group moves forward to earn full licence under VARA’s framework.
New Milestone for B2Prime
This announcement is considered a massive milestone for B2Prime after a series of network expansions and licencing. The group is now set to seek full licencing in Dubai to offer a fully-fledged broker-dealer package and exchange, transfer, and settlement services to virtual assets.
“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.
Now on, the company is moving forward with legal compliance and processes to receive VARA’s full operational approval, allowing B2Prime to offer financial services to investors and institutions in the region.
“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 Arthur Azizov, as the company strives to get a complete Virtual Asset Service Provider licence in Dubai.
Furthermore, this announcement amplifies the company’s responsibility and commitment to innovation and providing unique financial trading solutions in Dubai, characterised by transparency and reliability.
The CEO of B2B Prime Digital MENA, Adriana Paredes Herrers, expressed her gratitude and appreciation for this decision and what it means for the team, “The receipt of the Initial Approval for all three licences, particularly the Transfer and Settlement licence, 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 licence”.
The region is witnessing an increased demand for a reliable PoP crypto liquidity provider, especially with the news of BTC ETF spot trading and the growing market trend.
B2B Prime Digital MENA is determined to deliver a comprehensive package of assets and tradable securities that appeal to traders.
The group is committed to providing exceptional client service, 24/7 multilingual technical support, and dedicated relationship managers that meet and exceed investors’ expectations.
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