CFIX secures VARA in-principle approval to expand into virtual assets

CFI Financial Group (CFI), a global online trading services provider, has announced that its dedicated Dubai-based virtual assets entity, CFIX Virtual Assets Broker & Dealer Services L.L.C.S.O.C (CFIX), has received In-Principle Approval (IPA) from Dubai’s Virtual Assets Regulatory Authority (VARA) for broker-dealer services.

The approval represents a significant step in CFI’s expansion into the virtual assets sector, extending its operations beyond traditional trading and investment services. It also brings CFIX closer to obtaining a full Virtual Asset Service Provider (VASP) licence, subject to meeting VARA’s remaining regulatory requirements.

The development forms part of CFI’s broader international growth strategy, following recent regulatory authorisation in Brazil, its launch in Colombia and expansion into Bahrain. The Group has continued to prioritise regulated market entry, local operational capabilities and long-term investment across its international operations.

Established as a separate legal entity, CFIX is being developed with an independent governance framework, dedicated operational infrastructure and regulatory controls designed to support its entry into the virtual assets market.

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 leverage CFI’s experience spanning more than 25 years in financial markets and its operations across 15 regulated entities. The move also coincides with efforts to strengthen the Group’s corporate governance, including the appointment of independent Board members and an independent Chairman.

Under VARA’s regulatory framework, In-Principle Approval is an intermediate stage in the licensing process and does not authorise an entity to commence virtual asset services.

CFIX will now focus on fulfilling the remaining licensing conditions, including finalising leadership appointments, operational infrastructure, governance arrangements and regulatory compliance controls.

The company has confirmed that it will not begin providing virtual asset services unless and until VARA grants its full VASP licence.