B2Prime secures initial approval for crypto business in Dubai
Institutional liquidity services provider, B2Prime Group, is expanding into the virtual assets space by obtaining an “Initial Approval” for licensing from the Dubai Virtual Assets Regulatory Authority (VARA).
This initial approval is a crucial step towards achieving a full Virtual Asset Service Provider (VASP) License, allowing B2Prime Group’s subsidiary, B2B Prime Digital MENA, to advance in the licensing process.
The granted licenses cover a range of activities, including “Virtual Asset Exchange Services,” “Virtual Asset Broker Dealer Services,” and “Virtual Asset Transfer and Settlement Services.” B2B Prime Digital MENA prepares to offer these services in the Dubai market, targeting both retail and institutional customers.
The approval from VARA allows B2B Prime Digital MENA to proceed towards offering comprehensive virtual asset services under the anticipated VASP License. However, the operation of these services is subject to fulfilling pre-operating conditions and securing operational approval from VARA.
Arthur Azizov, Co-Founder of B2B Prime Digital MENA said: “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.”
“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,” added Adriana Paredes Herrera, CEO of B2B Prime Digital MENA.
B2Prime, a Cyprus-based financial institution registered and supervised by the CySEC, is part of broker technology provider B2Broker. Artur Azizov, the Founder and CEO of B2Broker Group, and Evgenia Mikulyak, the co-founder of B2Broker Group, are the proprietors of B2Prime.
B2Broker, based in Moscow, has ten offices in eight locations spanning Russia, Europe, Asia, the Middle East, and North Africa. B2Broker has a total of seven licenses, including the FCA, AEMI, and the Central Bank of Russia, allowing it to serve clients in more than 50 countries and provide Forex liquidity distribution as well as a variety of additional services to the Forex, Crypto, and Securities sectors. The group of companies has built a massive portfolio of well-known global financial services clients to expand corporate representation and exposure across the world.