The approval marks a step towards obtaining a full Virtual Asset Service Provider licence as CFI expands its presence in the digital assets sector
CFI Financial Group (CFI), a globally recognised leader in online trading services, today announced that CFIX Virtual Assets Broker & Dealer Services L.L.C.S.O.C (“CFIX”), its dedicated virtual assets entity in Dubai, has received In-Principle Approval (IPA) from Dubai’s Virtual Assets Regulatory Authority (VARA) for Broker-Dealer services.
CFIX marks an important step in the Group’s expansion into virtual assets, extending its ambitions beyond traditional trading and investing into the evolving virtual asset economy. The approval brings CFIX one step closer to obtaining a full Virtual Asset Service Provider (VASP) licence, and represents another milestone in CFI’s broader growth strategy.
In recent months, CFI has secured regulatory authorisation in Brazil and launched in Colombia, following its entry into Bahrain. This expansion reflects a consistent approach: establishing a regulated presence, building local capabilities and investing for the long term.
CFIX follows that model and takes it into a new asset class. Established as a separate legal entity, CFIX is being developed with its own governance structure, dedicated operational infrastructure and a clear focus on building a credible, sustainable business in virtual assets.
Ziad Melhem, CEO of CFI Financial Group, said: “The virtual asset industry has spent the past decade proving its technology. The next decade will be about proving its standards. The UAE is where much of that future is being shaped, and Dubai’s regulatory environment provides a strong foundation for the industry’s next phase. For CFI, CFIX is a natural extension of the financial ecosystem we are building, bringing our experience in regulated markets into a new and evolving sector. Receiving VARA’s In-Principle Approval is an important milestone, and reflects the progress made in establishing CFIX. Our focus now is on completing the remaining licensing requirements and building a business designed for the long term.”
CFIX will draw on CFI’s experience across 15 regulated entities and more than 25 years in financial markets. Its development also comes as the Group continues to strengthen its institutional foundations, including appointing independent board members and an independent chairman.
The In-Principle Approval is a formal stage in VARA’s licensing process and precedes the grant of a full Virtual Asset Service Provider (VASP) licence.
Over the coming months, CFIX will work to meet the conditions VARA has set, including finalising its leadership appointments, operational infrastructure, governance arrangements and regulatory controls. CFIX will not commence virtual asset services unless and until its full VASP licence is granted.
Source: Khaleej Times