Bybit Secures Provisional License in Dubai

2 months ago 27648

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Key Takeaways

Bybit expects to be granted full Operational Approval in the Dubai region soon
Bybit’s chief operating officer said the provisional license represents a major step in the company’s long-term plans.

Bybit, the world’s second-largest cryptocurrency exchange by derivatives volume, has secured a provisional license in Dubai two years after establishing its headquarters in the city. The license, granted by the Virtual Asset Regulatory Authority (VARA), allows the exchange to offer services to both retail and institutional investors, although it is currently non-operational.

Helen Liu, Bybit’s Chief Operating Officer, stated the significance of this milestone in the company’s global expansion strategy. Liu pointed to Dubai’s growing status as a global blockchain hub and said the license represents a major step in the company’s long-term plans.

“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”, she said.Bybit expects to be granted full Operational Approval in the Dubai region soon

Since relocating its headquarters to Dubai in 2022, Bybit has been positioning itself to capitalize on the city’s crypto-friendly regulatory environment. Bybit has also renewed its partnership with the Dubai Multi Commodities Crypto Centre (DMCC), transitioning from an ecosystem partner to an advisory role within the DMCC Crypto Hub. From August 2024 to July 2025, the crypto exchange will be serving as a DMCC Ecosystem and Advisory Partner, offering strategic guidance to the DMCC Crypto Center as well as its members on essential initiatives.

Dubai has been pitching itself as a crypto hub in the last few years.A recent study comdcted by Henley & Partners shows the UAE ranks third in global crypto adoption.

Recently, the Dubai Court of First Instance had also recognized salary payments in crypto as valid under employment contracts. Earlier this month, UAE’s Securities and Commodities Authority (SCA) and Dubai’s Virtual Assets Regulatory Authority (VARA) formalized a cooperation agreement, allowing Dubai-licensed Virtual Asset Service Providers (VASPs) to automatically register with the SCA to operate throughout the country.