Hong Kong, China, January 22, 2024 In the licencing procedure administered by the Dubai Virtual Assets Regulatory Authority (VARA), B2B Prime Digital MENA has achieved the “Initial Approval” milestone.
A few more steps must be finished before authorisation is officially granted, including operational approval inspections and pre-operating condition compliance. However, this step is a considerable achievement for the entire group, demonstrating their ability to meet strict regulatory guidelines. By obtaining this VARA licence, B2Prime Group will be permitted to offer a variety of brokerage services—including broker-dealer services, virtual asset exchange, and virtual asset transfer and settlement services—within the legal boundaries of Dubai.How VARA Operates in the Dubai Region
The Dubai Virtual Assets Regulatory Authority (VARA) is the authorised body in charge of monitoring, regulating, and supervising virtual assets (VAs) and VA-related activities throughout the Emirate of Dubai, including free zones and special development zones, but excluding the Dubai International Financial Centre. VARA was instrumental in the development of Dubai’s intricate legal framework, which aims to safeguard investors and define global norms for the management of the virtual asset market. This promoted the growth of the virtual currency industry and helped Dubai achieve its goal of having a borderless economy. To find out more about VARA’s roles and responsibilities, please visit www.vara.ae
What does VARA’s Approval Mean for B2Prime Group?
To receive a VASP licence, Virtual Asset Service Providers (VASPs) must first fulfil a demanding pathway that begins with obtaining initial permission from VARA. This licence will enable B2B Prime Digital MENA to offer core brokerage services, including Broker-Dealer services, substantial exchange capabilities, and the transfer or settlement of virtual assets throughout the Dubai region. Mrs. Eugenia Mykuliak, Founder of B2Prime, said this achievement was essential to entering the Dubai market and offering top-notch brokerage services.
How B2Prime’s Management Reacted to the Big News
Before providing the above-stated services in the Dubai area, B2B Prime Digital MENA has to finish a few approval procedures. Nevertheless, it seems like the process has gotten off to a strong start, and getting the complete license is almost a given. Naturally, the team behind one of the most innovative and deep liquidity solutions was joyous and determined after hearing the news. “We are immensely 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. Arthur continued by outlining the possible advantages that B2B Prime may provide to the booming Dubai virtual currency sector. CEO of B2B Prime Digital MENA, Paredes Herrera, has also underlined the significance of this feat, stating that the team has been motivated to work twice as hard to attain the final goal and secure the complete licence. While the road will not get any easier going forward, the B2B Prime team is laser-focused on reaching the milestone. Upon acquiring the licence, B2B Prime Digital MENA will be entirely prepared to function inside the legal jurisdiction of Dubai and introduce the group’s renowned liquidity solutions within the area.
How Could B2Prime’s Liquidity Services Benefit the Dubai Region?
The decision by B2Prime to move its operations to Dubai is a big step forward for the region because of its extensive range of liquidity offerings and excellent service quality. B2Prime currently holds licences in Cyprus and Mauritius. It is acknowledged as one of the top liquidity providers in the world due to its reliability, depth of products, and equal skill in several markets, including Forex and Crypto CFDs.Additionally, B2Prime offers institutional-grade hosting services, low connection latency, and state-of-the-art aggregation solutions. The team is dedicated to providing the best liquidity services possible globally. Therefore, the virtual currency market in Dubai stands to benefit greatly from this exciting addition to the list of liquidity providers. For comprehensive information about B2Prime’s offerings, you can visit www.b2prime.com.
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