Key points
- Bybit obtains provisional VASP approval from Dubai’s VARA for cryptocurrency exchange services.
- Bybit establishes global headquarters in Dubai and partners with DMCC Crypto Hub.
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Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has obtained provisional approval for a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA). The non-operational approval covers virtual asset exchange services for retail, qualified investors, and institutional users in Dubai.
This milestone marks a key step for Bybit to obtain full operational approval in Dubai, where it established its global headquarters in 2022. The company has been actively collaborating with VARA to meet the regulator’s strict requirements.
“Dubai’s strategic location, progressive policies and innovation-driven environment offer unparalleled opportunities for businesses and investors in the cryptocurrency sector,” said Helen Liu, COO of Bybit.
Liu added that Dubai is the ideal place to boost digital currencies and foster the growth of the industry as it offers a robust regulatory framework and is committed to becoming a blockchain capital.
Bybit has strengthened its presence in Dubai by renewing its partnership with the Dubai Multi Commodities Crypto Centre (DMCC) and moving into an advisory role with the DMCC Crypto Hub. The platform has also launched initiatives such as sponsoring the Blockchain for Good Alliance and planning a crypto content creator campus in Dubai this November.
The provisional approval of VARA reinforces Dubai’s position as a growing hub for cryptocurrency and blockchain innovation, with regulators working closely with industry leaders to create a robust and compliant ecosystem.
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