B2Prime Group's, a liquidity provider, subsidiary B2B Prime Digital MENA has been granted "Initial Approval" for licensing from the Dubai Virtual Assets Regulatory Authority (VARA). The approval covers a spectrum of activities, including Virtual Asset Exchange Services, Virtual Asset Broker Dealer Services, and Virtual Asset Transfer and Settlement Services.
VARA's Initial Approval: B2B Prime Digital MENA Advances Toward VASP Status
The Initial Approval from VARA marks a step in B2B Prime Digital MENA's journey towards becoming a complete Virtual Asset Service Provider (VASP). While the licensing remains subject to meeting pre-operating conditions and qualifying for operational approval, this development positions the company to offer comprehensive Exchange, Broker Dealer, and Transfer and Settlement virtual asset services in the MENA region in the future.
Eugenia Mykuliak, the Founder of B2Prime, stated: "We are excited to contribute to the growth of Dubai's ever-growing Virtual assets ecosystem."
This approval allows B2B Prime Digital MENA to progress in the licensing process, paving the way for the company to offer virtual asset services under the VASP License for Transfer & Settlement, Broker-Dealer, and Exchange, contingent upon operational approval by VARA.
Arthur Azizov, the Co-Founder of B2B Prime Digital MENA, highlighted the company's commitment to 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."
B2B Prime Digital MENA Granted 'Initial Approval' from the Virtual Assets Regulatory Authority of Dubai (VARA) https://t.co/CKbNpIYJCH pic.twitter.com/4qfkpye9Wi
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Meeting Demand for Crypto Prime of Prime Brokerage Services
B2B Prime Digital MENA's strategic goal is to meet the growing market demand for a reliable provider of crypto Prime of Prime brokerage services, focusing on the spot digital assets sector. The company aims to provide access to a wide range of assets and deliver trading conditions catering to both retail and institutional clients through its advanced platform.
The company, part of the B2Prime Group, operates as a Prime of Prime Multi-Asset Liquidity Provider, serving institutional and professional clients globally. Licensed in Cyprus and Mauritius, B2Prime is recognized for its expertise across Forex,Crypto CFDs, and other markets.
Adriana Paredes Herrera, the CEO of B2B Prime Digital MENA, said: "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 article was written by Tareq Sikder at www.financemagnates.com.
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