- Bybit announced that it acquired a non-operational/provisional license from Dubai’s VARA and that it would work to get the full operational license soon.
- Nevertheless, its non-operational license will allow it to service retail and institutional investors.
The second-largest centralized crypto exchange by trading volume has secured a provisional (non-operational) license from the Virtual Assets Regulatory Authority (VARA) to operate in Dubai. With that, it will function as a Virtual Asset Service Provider (VASP), servicing the emirate’s retail and institutional investors. The exchange set up its international headquarters in the city about two years ago.
In a release issued by the firm, its chief operating officer, Helen Liu, mentioned, “Dubai’s strategic location, progressive policies, and innovation-driven environment offer unparalleled opportunities for businesses and investors in the cryptocurrency sector.” She added, “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.”
The exchange’s prominence in the region is underscored by its continued efforts to aid in the growth of the crypto and Web3 ecosystem here. It recently renewed its membership with the Dubai Multi Commodities Centre (DMCC) free zone to go from playing a partner’s role to an advisory role.
Bybit is establishing itself as a leader in the global markets. It recently acquired licensure from Argentina to provide its services in the geography. It is also close to receiving permission to operate in Kazakhstan—it secured formal consent from the country’s financial regulator, which will aid it in bagging a license to function.
Dubai Has Been a Constant Fixture in Recent Crypto News Cycles
While that marks the news coming out of Bybit’s camp, Dubai has also made news in recent times. Last week, the UAE’s premier financial regulator, the Financial Services Authority (FSA), and VARA entered into an agreement to allow Dubai-based VASPs to operate in the entirety of the UAE. Not long after that announcement, global banking giant Standard Chartered launched its crypto asset custody services in Dubai. In August, the Dubai Court of First Instance recognized cryptocurrency as a medium of salary payment under employment contracts.
