Bybit FinTech FZE, a subsidiary of Bybit, has achieved another milestone in its quest to establish its operations in the United Arab Emirates.
On June 27, 2023, the exchange announced that it had obtained the Minimum Viable Product (MVP) Preparatory Licence from Dubai’s Virtual Assets Regulatory Authority (VARA). This new licence comes as a progression from the Provisional licence it received in March 2022.
Although the Preparatory Licence does not grant Bybit the authorization to commence its virtual asset operations in Dubai, it signifies the significant progress made by the company in obtaining operational permission from VARA.
VARA plays a crucial role in shaping Dubai’s legal framework for investor protection and establishing internationally recognized standards for regulating the Virtual Asset industry in the region.
According to Ben Zhou, the co-founder and CEO of Bybit, Dubai plays a leading role in driving global financial innovation and digital assets, and this development represents a pivotal advancement for Bybit in the UAE.
Zhou stated:
“We would like to express our gratitude to VARA for their careful consideration of our application and for granting us the MVP Preparatory License.”
Zhou added that this licence is a notable milestone that demonstrates the Bybit team’s unwavering dedication, hard work, and strict adherence to compliance.
In addition to this new licence in Dubai, Bybit also obtained the required licence to operate as a Digital Asset Exchange and Custody Service Provider in Cyprus on June 26, 2023. This licence allows Bybit to expand its trading options to include cryptocurrency and fiat currency pairs and offer a diverse range of crypto-related financial services tailored to customers in Cyprus and other EU member states.
By securing these licenses in Dubai and Cyprus, Bybit demonstrates its commitment to global expansion and providing innovative financial services to customers in different regions.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with Markets PRO, DeFi Planet’s suite of analytics tools.”
