Bybit has obtained a provisional licence in Dubai two years after establishing its headquarters there.
The crypto exchange, which is the second-largest by derivatives volume, noted in a recent press release that it has received a non-operational licence from the Virtual Asset Regulatory Authority (VARA).
The provisional license allows Bybit to serve both retail and institutional investors in Dubai. It marks a significant milestone in its quest for full operational approval after moving its global headquarters to the city in 2022.
Helen Liu, Chief Operating Officer of Bybit, highlighted Dubai’s strategic importance, praising its progressive policies and innovation-driven environment as ideal for cryptocurrency businesses and investors.
“Dubai’s strategic location, progressive policies, and innovation-driven environment provide unmatched opportunities for businesses and investors in the cryptocurrency sector. With its strong regulatory framework and commitment to becoming a blockchain hub, Dubai is the perfect place to advance digital currencies and stimulate growth in this dynamic industry,”
Liu stated.
Bybit also emphasized its dedication to meeting and maintaining VARA’s rigorous and high standards, aligning with Dubai’s broader goal of becoming a global leader in blockchain and digital assets. Notably, the exchange recently upgraded its partnership with the Dubai Multi Commodities Crypto Centre (DMCC) to a key advisory role.
Dubai is rapidly emerging as a global crypto hub, attracting numerous crypto companies with its friendly regulations. In a notable regulatory shift, UAE regulators announced that virtual asset service providers (VASPs) licensed in Dubai will be permitted to operate across the entire country, according to the Securities and Commodities Authority (SCA) and VARA on September 9.
Meanwhile, this development comes on the heels of Bybit’s recent move to exit the French Market due to recent regulatory actions by local authorities. The exchange stated it would stop offering products and services to French nationals and residents; it also restricted French users’ accounts to “close-only” mode, which prevented the opening of new positions or the addition of deposits.
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