The cryptocurrency exchange Bybit has received in-principle approval to operate in the UAE, marking a significant milestone in its expansion.
Bybit Continuous Expansion
With in-principle approval from the SCA, Bybit is officially recognized in the UAE. The license allows the exchange to provide digital asset services, including trading and asset management, to retail and institutional clients in Dubai. This is part of the UAE's broader strategy to become a global hub for virtual assets and blockchain technology.
ByBit Secures Provisional License From Dubai
Bybit has also secured a provisional license from Dubai's Virtual Asset Regulatory Authority (VARA) in September 2024. This license allows Bybit to offer virtual asset exchange services in Dubai, although it remains non-operational. Bybit must work to obtain a full operational license to fully roll out its services.
UAE, a Trending Country for Fund Growth
The UAE has become a top choice for investment, attracting entrepreneurs globally. Kalpesh Patel, an investment expert, highlights the UAE's favorable regulatory climate, political stability, and tax incentives, enhancing its appeal to investors and entrepreneurs.
Bybit's approval in the UAE underscores the region's strategy to attract innovation in the virtual asset space, bolstering its position globally.
