Dubai’s VARA Has Granted ‘Initial Approval’ To B2B Prime Digital MENA
Jan 23, 2024
VARA has granted initial approval to B2B Prime Digital MENA, enabling the licensing process for virtual asset services under the VASP License for “Virtual Asset Exchange Services”, “Virtual Asset Broker Dealer Services”, and “Virtual Asset Transfer and Settlement Services”.
This is a huge step forward for the company; however, the licensing is subject to fulfilling pre-operating conditions and qualifying for operational approval.
The Importance Of VARA’s Initial Approval For The Strategic Development Of B2Prime
Law No.4 of 2022 established VARA (Virtual Assets Regulatory Authority of Dubai), a competent entity responsible for regulating, supervising, and overseeing Virtual Assets (VAs) and VA Activities in all zones across Dubai, including Special Development Zones and Free Zones, but with the exception of the Dubai International Financial Centre.
VARA plays a central role in creating Dubai’s advanced legal framework to protect investors and establish international standards for VA industry governance.
You can learn more about VARA at their website: www.vara.ae
Mr Arthur Azizov, Co-Founder of B2B Prime Digital MENA, says: “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. 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”.
B2Prime’s acquiring the “Initial Approval” license is essential in the pursuit of a complete Virtual Asset Service Provider (VASP) License, which allows the company to offer comprehensive 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, “We are excited to contribute to the growth of Dubai’s ever-growing Virtual assets ecosystem”.
VARA’s Initial Approval has marked a significant milestone for B2B Prime Digital MENA in their pursuit of obtaining a Virtual Asset Service Provider license and introducing the company’s innovative products and solutions in 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.
B2Prime Group is a Prime of Prime global provider of multi-asset liquidity services, renowned for its compliance, reliability, and expertise in Forex, Crypto CFDs, and other markets. B2Prime Group is licensed in Cyprus and Mauritius and offers its services to institutional and professional clients around the globe. The B2Prime’s clients value the company for its advanced aggregation software, ultra-low latency connectivity, and institutional-grade hosting. The group is dedicated to delivering exceptional client service, offering 24/7 multilingual technical support, and having dedicated relationship managers.
Being a reliable provider of crypto Prime of Prime brokerage services, the company’s strategic goal is to offer a wide selection of assets and provide trading conditions that cater to retail and institutional clients through their advanced platform.Find more information about B2Prime services at their website www.b2prime.com.