Bybit, the second-largest crypto exchange in the world by derivatives volume, was granted a provisional license in Dubai two years after establishing its headquarters in the city.
Provisional License for Bybit in Dubai
The provisional license issued by Dubai's Virtual Asset Regulatory Authority (VARA) is a significant step towards Bybit receiving full operational approval to operate in Dubai. This license represents the culmination of an inclusive, intensive journey with VARA, demonstrating Bybit's commitment to a strong, innovative virtual asset ecosystem. The exchange cooperated closely with the regulator to meet all necessary standards for approval. Since relocating its headquarters to Dubai in 2022, Bybit has continued to strengthen its position in the region. Most recently, in October, the crypto exchange renewed its partnership with DMCC, transitioning from an ecosystem partner to an advisory role within the DMCC Crypto Hub. This underscores Bybit's leading role in Dubai's burgeoning crypto and Web3 landscape.
Dubai Becomes a Global Crypto Hub
Apart from receiving the provisional license, Bybit has been actively involved in several key initiatives. In April, the company sponsored the non-profit organization Blockchain for Good Alliance at Blockchain Life—a group that aims to advance technology for various social, environmental, and economic issues. Bybit also plans to launch the Crypto Content Creator Campus in November in Dubai, which will target KOLs in the crypto space. Thanks to its crypto-friendly laws, Dubai is positioning itself as a global cryptocurrency hub. In September, it was announced that Virtual Asset Service Providers (VASPs) licensed in Dubai would now be permitted to operate throughout the country.
Conclusion
Securing a provisional license from VARA was a crucial milestone for Bybit on its way to full operational approval in Dubai. With its favourable crypto regulations, Dubai firmly positions itself as a global cryptocurrency hub.
Bybit continues to strengthen its position in Dubai by securing a provisional license from VARA and participating in several key initiatives. Meanwhile, Dubai solidifies its status as a global crypto hub thanks to its favorable business laws for cryptocurrency firms.
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