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News

Bybit Provisional License Now Approved in Dubai

September 16, 2024 - Around 2 mins mins to read

Key Points:

  • Bybit provisional license has been approved by Dubai’s Virtual Asset Regulatory Authority (VARA).
  • Dubai is solidifying its position as a global crypto hub with favourable regulations.
Bybit, the second-largest crypto exchange in the world by derivatives volume, was given a provisional license in Dubai two years after establishing its headquarters in the city.
Bybit Provisional License Now Approved in Dubai

Read more: Bybit’s 14th Proof of Reserve Shows Surge in BTC, ETH Holdings

Bybit Provisional License Given Green Light in Dubai

The Bybit provisional license issued by the Virtual Asset Regulatory Authority is essentially a big step toward Bybit receiving full operational approval to operate in Dubai.

This license represented the culmination of an inclusive, intensive journey with VARA and demonstrated its commitment to a strong, innovative virtual asset ecosystem.

The exchange cooperated at the front line to meet all the necessary standards for approval with the regulator. Since the company relocated its headquarters to Dubai back in 2022, Bybit has continued to strengthen its position in the region.

Most recently, in October, the crypto exchange renews its partnership with DMCC, changing its status from being an ecosystem partner to taking an advisory role within the DMCC Crypto Hub. This underscores Bybit’s leading role in Dubai’s burgeoning crypto and Web3 landscape.

Dubai Becomes Global Crypto Companies Focal Point

Outside of the Bybit provisional license, the exchange has been actively involved in several key initiatives. In April, it sponsored the non-profit organization Blockchain for Good Alliance at Blockchain Life—BGA—an organization that seeks to further the technology for various social, environmental, and economic issues.

Bybit is also going to launch the Crypto Content Creator Campus, which will target KOLs in the crypto space starting this November in Dubai.

With more companies relocating due to its crypto-friendly laws, Dubai is positioning itself as a global cryptocurrency hub. In a key regulatory development for the UAE, it was announced on September 9 that VASPs licensed in Dubai would now be allowed to operate across the entire country.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Bybit

Bybit Provisional License

DMCC Crypto Hub

Dubai

VARA

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.