Thursday, January 18, 2024

B2B Prime Digital MENA Granted 'Initial Approval' from the Virtual Assets Regulatory Authority of Dubai (VARA)

 (BUSINESS WIRE)--B2Prime Group, a leading liquidity provider, is proud to announce that B2B Prime Digital MENA has been granted an "Initial Approval" for licensing from the Dubai Virtual Assets Regulatory Authority (VARA). Licensing remains subject to fulfilment of pre-operating conditions and qualifying for operational approval by VARA.

This milestone signifies the granting of Initial approvals from VARA for licenses covering activities of "Virtual Asset Exchange Services," "Virtual Asset Broker Dealer Services," and "Virtual Asset Transfer and Settlement Services”.

What Does VARA's Initial Approval Mean?
It's an essential milestone in our pursuit of a complete Virtual Asset Service Provider (VASP) License and will allow us to move forward in the licensing process as we look to offer comprehensive Exchange, Broker Dealer and Transfer and Settlement virtual asset services and related activities in the region in the future.

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."

Setting the Stage for Comprehensive Virtual Asset Services
This initial approval allows B2B Prime Digital MENA to move forward in the licensing process before eventually offering virtual asset services under the VASP License for Transfer & Settlement, Broker-Dealer and Exchange which, of course, remains subject to operational approval by VARA.

"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."

While this initial approval is a milestone achievement, B2B Prime Digital MENA continues to work towards obtaining VARA’s highly acclaimed Virtual Asset Service Provider license.

"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.

This progress is essential for the company to fully operate within the Emirate of Dubai and introduce its innovative products and solutions to the market.

Strategic Insights
Presently, there’s a growing demand in the market for a reliable provider of crypto Prime of Prime brokerage services, with a special focus on the spot digital assets sector.

Our initial strategic goal will be to provide access to the widest selection of assets in the industry and deliver trading conditions that meet the needs of both retail and institutional clients, all through our own advanced platform.

About B2Prime
B2Prime Group, a Prime of Prime Multi-Asset Liquidity Provider, serves institutional and professional clients globally. Licensed in Cyprus and Mauritius, it is renowned for its compliance, reliability, and expertise across Forex, Crypto CFDs, and other markets.

B2Prime offers advanced aggregation software, ultra-low latency connectivity, and institutional-grade hosting. Its diverse client base spans exchanges, brokers, hedge funds, and more. The group is committed to providing exceptional client service, 24/7 multilingual technical support, and dedicated relationship managers.

For more information, visit

About VARA:
Established in March 2022, following the effect of Law No.4 of 2022, VARA is the competent entity in charge of regulating, supervising, and overseeing VAs and VA Activities in all zones across the Emirate of Dubai, including Special Development Zones and Free Zones but excluding 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 Virtual Asset industry governance, while supporting the vision for a borderless economy.

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