Bybit Secures Provisional (Non-Operational) Approval from VARA, Inching Closer to Operational Approval in Dubai

Summary:
• This license marks an essential milestone for Bybit in its journey towards securing full Operational Approval in Dubai.

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has been granted a Provisional (Non-Operational) Approval for Virtual Asset Service Provider (VASP) license for Virtual Asset Exchanges services in Dubai for retail, qualified investors, and institutional users, cementing the relationship between Bybit and Dubai, the location of its global headquarters.

This license marks an essential milestone for Bybit in its journey towards securing full Operational Approval in Dubai and underscores Bybit’s commitment to compliance and adherence to VARA’s high standards. The licensing process is thorough and collaborative, reflecting VARA’s commitment to upholding a robust and innovative virtual assets ecosystem. Bybit engaged in a constructive dialogue with the regulator to meet the requirements for the Provisional Approval effectively.

Bybit established its international headquarters in Dubai in 2022, and the company recently renewed its partnership with the Dubai Multi Commodities Crypto Centre (DMCC). Bybit transitioned from a key ecosystem partner to an advisory role with DMCC Crypto Hub, solidifying its position as a leading contributor in Dubai’s thriving crypto and Web3 industry. 

Bybit also launched its key sponsorship of the Blockchain for Good Alliance (BGA) at Blockchain Life in April in Dubai, a non-profit organization that collaborates with a network of organizations, projects, and individuals dedicated to leveraging blockchain technology to address global social, environmental, and economic challenges. Besides, Bybit is initiating various industry projects, such as the Crypto Content Creator Campus for KOLs in the crypto industry, set to launch in Dubai this November.

“Dubai’s strategic location, progressive policies, and innovation-driven environment offer unparalleled opportunities for businesses and investors in the cryptocurrency sector,” said Helen Liu, Chief Operating Officer of Bybit. “With its robust regulatory framework and commitment to becoming a blockchain capital, Dubai is the ideal place to advance digital currencies and foster growth in this exciting industry.”