- Obtaining the Provisional Licence
- Significance for the Crypto Market
- Dubai’s Role in the Crypto Industry
The crypto exchange Bybit has obtained a provisional license to operate from the Virtual Asset Regulatory Authority (VARA) in Dubai, two years after establishing its headquarters in the city.
Obtaining the Provisional Licence
Bybit, the second-largest crypto exchange by derivatives volume, has received a non-operational license from the Virtual Asset Regulatory Authority (VARA). This allows Bybit to serve both retail and institutional investors in Dubai, marking a significant milestone in its quest for full operational approval after moving its global headquarters to the city in 2022.
Significance for the Crypto Market
The provisional license underscores Bybit's commitment to VARA's standards and its contribution to Dubai's broader goal of becoming a global leader in blockchain and digital assets. Recently, Bybit upgraded its partnership with the Dubai Multi Commodities Crypto Centre (DMCC) to a key advisory role.
Dubai’s Role in the Crypto Industry
Dubai is rapidly emerging as a global crypto hub, attracting numerous companies with its friendly regulations. UAE regulators recently announced that virtual asset service providers (VASPs) licensed in Dubai will be allowed to operate across the entire country. This comes shortly after Bybit's recent exit from the French market due to local regulatory actions, resulting in restricting French users' accounts to 'close-only' mode.
Securing the provisional license from VARA is a significant step for Bybit, strengthening the company's position in the rapidly evolving crypto market in Dubai.
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