Bybit Secures Provisional Crypto License in Dubai, Eyes Full Operational Approval
Bybit, the second-largest crypto exchange by derivatives volume, has recently obtained a provisional license in Dubai, two years after establishing its headquarters there.
The Virtual Asset Regulatory Authority (VARA) granted Bybit a non-operational license, marking a significant step in the company’s global expansion efforts. Helen Liu, Bybit’s COO, highlighted that this license is a major achievement, aligning with Dubai’s vision of becoming a leading blockchain hub.
Liu emphasized Dubai’s strategic advantages, noting its forward-thinking policies and innovation-friendly environment, which provide excellent opportunities for businesses and investors in the crypto space.
As more crypto firms relocate to Dubai due to its favorable regulations, recent regulatory changes now permit Dubai-licensed virtual asset service providers (VASPs) to operate throughout the UAE, as announced by the Securities and Commodities Authority (SCA) and VARA on September 9.
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While this provisional license allows Bybit to cater to both retail and institutional clients in Dubai, the exchange is still pursuing a full operational license. Since moving its headquarters to Dubai in 2022, Bybit has also renewed its partnership with the Dubai Multi Commodities Crypto Centre (DMCC), upgrading from an ecosystem partner to a key advisory role.
A Bybit spokesperson stated that obtaining a full license would further enhance the company’s global presence and solidify its commitment to the rapidly growing Dubai market.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
