B2B Prime Digital MENA Has Cleared the ‘Initial Approval” Stage With Dubai’s VARA

Recently, B2B Prime Digital MENA reached the “Initial Approval” milestone in the Dubai Virtual Assets Regulatory Authority (VARA) licencing process. Before permission is finalised, a few more procedures must be completed, such as operational approval checks and pre-operating condition fulfilment. 

This milestone indicates VARA’s initial approval for licenses in Virtual Asset Exchange Services, Virtual Asset Broker Dealer Services, and Virtual Asset Transfer and Settlement Services.

Understanding VARA’s Functions and Responsibilities

The Dubai Virtual Assets Regulatory Authority (VARA) is the authorised body in charge of overseeing, regulating, and monitoring VAs and VA Activities throughout the Emirate of Dubai, including Special Development Zones and Free Zones, but excluding the Dubai International Financial Centre. 

VARA plays a crucial role in creating Dubai’s complex legal structure, protecting investors and establishing international standards for the governance of the virtual asset market. This aids in achieving the objective of a borderless economy within Dubai’s territory, further developing the virtual currency market. 

For thorough information on VARA, please visit: www.vara.ae

How Significant is the VARA’s Initial Approval?

Virtual Asset Service Providers (VASPs) must first complete a rigorous roadmap to obtain a VASP licence, which starts with receiving initial approval from VARA. With the help of this licence, B2B Prime Digital MENA will be able to provide core brokerage services, such as the transfer or settlement of virtual assets, Broker-Dealer services, and extensive exchange capabilities throughout the Dubai area. 

The founder of B2Prime, Mrs. Eugenia Mykuliak, described this accomplishment as a critical step towards breaking into the Dubai market and providing first-rate brokerage services. 

B2Prime’s Reaction and Plans Going Forward

There are still a few approval processes that B2B Prime Digital MENA has to complete before offering the aforementioned services in the Dubai region. Still, the procedure appears to have been started well, and the prospect of obtaining the final license is all but inevitable. 

Mr. Arthur Azizov, Co-Founder of B2B Prime Digital MENA, stated, “We are incredibly 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.” Arthur went on to highlight the potential benefits that B2B Prime can provide to the surging virtual currency market in Dubai. 

Paredes Herrera, CEO of B2B Prime Digital MENA, has also emphasised the importance of the initial approval, saying that reaching this goal has inspired the team to work even harder to achieve the ultimate goal and obtain the full license. 

By obtaining the licence, B2B Prime Digital MENA will be fully equipped to operate under the jurisdiction of Dubai and launch the group’s signature liquidity solutions in the region.

Evaluating B2Prime’s Liquidity Services

With its wide variety of liquidity services and its dedication to quality, B2Prime‘s proposal to relocate its operations to Dubai represents a significant step forward for the area. At the moment, B2Prime has licences in Mauritius and Cyprus. Because of its consistency, breadth of offerings, and equal proficiency in several markets—including Forex, cryptocurrency CFDs, and others—it is recognised as one of the world’s top liquidity providers.

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. 

To explore B2Prime’s offerings further, you can visit www.b2prime.com.