CFI Gets Preliminary Dubai Approval for Its Crypto Brokerage Arm

CFI Financial Group said today (Monday) that CFIX, its crypto unit in Dubai, won in-principle approval from the Virtual Assets Regulatory Authority (VARA) for broker-dealer services.

CFIX cannot start any virtual asset services until it holds a full license, CFI said.The permission would add crypto brokerage to a group whose website lists coins as contracts for difference (CFDs).

CFI reported $3.45 trillion in third-quarter notional volume on its existing business.VARA's public register dates the approval September 29 and shows broker-dealer services, which cover arranging and executing trades in virtual assets, as the only activity.

Holders of such approvals may not begin operations or serve clients before a full license, the register states.London's trading industry is coming home!Seven of VARA's 25 In-Principle Entries Date From SeptemberThe register also shows how many firms are at the same stage as CFIX.

It lists 25 in-principle entries, two of them withdrawn, against 60 full licenses, up from 45 licensed providers counted by FM Intelligence in April.Seven of the 25 are dated September, the most for any month, and 19 include broker-dealer services, by FinanceMagnates.com's count.Scope varies among firms on the list.

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