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CFIX receives VARA in-principle approval for broker-dealer services
CFI Financial Group's Dubai virtual assets entity advances toward full VASP licensing with regulatory milestone.
CFIX Virtual Assets Broker & Dealer Services L.L.C.S.O.C has received in-principle approval from Dubai's Virtual Assets Regulatory Authority for broker-dealer services, CFI Financial Group announced on 10 November 2026. The approval represents a formal regulatory stage before a full Virtual Asset Service Provider licence can be issued.
VARA in-principle approval status and next steps#
The in-principle approval moves CFIX toward obtaining a full VASP licence. CFIX will complete conditions set by VARA in the coming months, including finalising appointments to leadership positions, building out operational infrastructure, establishing governance arrangements and implementing regulatory controls. Virtual asset services will not begin until VARA grants the full VASP licence, according to the announcement.
CFI Financial Group expansion into virtual assets#
CFIX is established as a separate legal entity with its own governance structure and dedicated operational infrastructure. The entity extends CFI Financial Group's operations into virtual assets. CFI operates 15 regulated entities and has been in financial markets for more than 25 years. The group has secured regulatory authorisation in Brazil and launched in Colombia in recent months, following its entry into Bahrain.
Entity structure and operational framework#
CFIX will draw on CFI's experience across financial markets. CFI Financial Group has appointed independent board members and an independent chairman. Ziad Melhem serves as CEO of CFI Financial Group, which announced the CFIX milestone on 10 November 2026. CFIX is being developed with a governance structure, operational infrastructure and regulatory controls.
Regulatory process and licensing timeline#
The in-principle approval from VARA is a formal regulatory milestone that comes before full VASP licensing. CFIX must complete remaining licensing requirements before beginning virtual asset services. The entity is being developed with governance structure, operational infrastructure and regulatory controls, according to the 10 November announcement.
Sources1 source across 1 domain
- khaleejtimes.comKhaleej TimesCFIX received in-principle approval from VARA on 10 November 2026 for broker-dealer services and details of licensing process
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