- Bybit has scored a regulatory win in Dubai.
- The exchange is now eyeing a full operational license from VARA as part of its global expansion efforts.
- The development came two years after Bybit planted its HQ flag in Dubai, strengthening its ties with the city.
Bybit has secured preliminary approval for a crypto exchange license from Dubaiโs Virtual Assets Regulatory Authority (VARA), marking an essential milestone in its journey towards full compliance in the city.
The move is also part of Bybitโs global expansion efforts. It came barely two weeks after the exchange received formal consent from the Astana Financial Services Authority for full authorization in Kazakhstan, putting it on track to be among the first fully licensed platforms in the country.
Bybitโs Win in Dubai
According to a statement on September 16, Bybit has bagged VARAโs preliminary approval for a Virtual Asset Service Provider (VASP) license for crypto exchange services targeting retail, qualified investors, and institutional users in Dubai.
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Bybit explained that the non-operational approval followed rigorous vetting, which included joining a โconstructive dialogueโ with the regulator to meet the provisional licensing requirements โeffectively.โ
โThis 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,โ the exchange said.
This development came two years after Bybit established its international headquarters in Dubai in 2022, underscoring the exchangeโs commitment to strengthening its ties with the city. According to Bybitโs Chief Operating Officer Helen Liu, the exchange chose Dubai due to its strategic location, progressive policies, and innovation-driven environment.
โWith 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,โ Liu stated.
Other crypto exchanges seeking Dubaiโs regulatory authorization include Binance, which obtained its long-awaited VASP license on April 18, and Crypto.comโs local entity, CRO DAX Middle East FZE. OKX bagged its license in January.
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