CFI Financial Group has taken a significant step into the virtual asset economy after its Dubai-based entity, CFIX, received In-Principle Approval from the Virtual Assets Regulatory Authority (VARA) to offer Broker-Dealer services.
CFIX Virtual Assets Broker & Dealer Services L.L.C.S.O.C is the Group’s dedicated virtual assets business in Dubai. The approval moves it closer to a full Virtual Asset Service Provider (VASP) licence and forms part of CFI’s wider growth strategy, which now reaches beyond traditional trading and investing.
CFI Financial Group CEO Ziad Melhem said the industry has spent the past decade proving its technology and will spend the next proving its standards. He described the UAE as a place where much of that future is being shaped, and said Dubai’s regulatory environment offers a strong foundation for the sector’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,”
Melhem said. He added that the company’s focus is now on completing the remaining licensing requirements and building a business designed for the long term.
Over the coming months, CFIX will work to meet the conditions set by VARA. These include finalising leadership appointments, operational infrastructure, governance arrangements and regulatory controls.
CFIX will not begin offering virtual asset services unless and until its full VASP licence is granted.
News Source: WAM
