Dubai:CFI Financial Group (CFI) has announced that its virtual assets entity, CFIX Virtual Assets Broker and 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.

According to Wam, this approval marks a significant step in CFI's strategic expansion into the virtual asset sector, extending beyond traditional trading and investing. The IPA is a critical step toward obtaining a full Virtual Asset Service Provider (VASP) license, aligning with CFI's broader growth strategy.

Ziad Melhem, CEO of CFI Financial Group, emphasized the importance of the virtual asset industry's evolution, highlighting Dubai's regulatory framework as foundational to the next phase of industry standards. Melhem stated that CFIX serves as a natural progression in CFI's financial ecosystem, merging their regulated market experience with the virtual asset sector.

In the upcoming months, CFIX plans to fulfill VARA's conditions, which include finalizing leadership roles, operational infrastructure, and governance frameworks. CFIX will only begin offering virtual asset services once it secures the full VASP license.