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The Emirates News Agency reported that CFI Financial Group announced its Dubai-based virtual assets entity CFIX received in-principle approval from the Virtual Assets Regulatory Authority for broker-dealer services. This approval forms a key step toward securing a full Virtual Asset Service Provider licence from the Dubai regulator. The company stated that CFIX will not begin providing virtual asset services until all requirements are fulfilled and the complete licence is granted.
According to the announcement carried by the Emirates News Agency, the development extends CFI Financial Group’s operations beyond traditional trading and investment services into the virtual assets sector. Ziad Melhem, CEO at CFI Financial Group, said, “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.” Melhem added that after the sector proved its technological capabilities it is entering a new phase where standards will be the primary test, with the UAE playing a pivotal role in shaping this future and Dubai’s regulatory environment providing a solid foundation.
A Finance Magnates assessment found that CFI Financial Group recorded 3.45 trillion dollars in notional trading volume during the third quarter, reflecting the breadth of its existing multi-asset brokerage activities across more than 15 international offices. The group, established more than 25 years ago, offers access to over 15,000 financial instruments ranging from forex and equities to commodities. CFIX was formed specifically to handle virtual asset broker-dealer functions under the VARA framework.
VARA’s licensing process, as outlined in authority documentation, positions in-principle approval as an intermediate phase that mandates completion of additional conditions before operations can start. The company indicated it will focus in the coming months on satisfying these, which include finalising leadership appointments, operational infrastructure, governance arrangements and regulatory compliance controls. WAM has reported that VARA has issued 36 full licences to date with several hundred entities at various stages of the licensing process.
Industry reports from TahawulTech noted that the approval aligns with CFI Financial Group’s push to incorporate digital assets while maintaining emphasis on transparency measures such as proof of reserves. VARA’s public register lists the in-principle approval as covering broker-dealer activities that involve arranging and executing trades in virtual assets. Similar approvals have been granted to more than two dozen other entities, according to market data compiled by regional observers.
The Emirates News Agency detailed that CFIX will continue its preparatory work to meet all remaining VARA stipulations prior to any client-facing activities. This methodical progression mirrors the regulatory pathway followed by other licensed platforms in the emirate. CFI Financial Group has framed the milestone as part of its long-term commitment to operating within established standards in the evolving virtual assets landscape.
