- Bybit Continuous Expansion
- Bybit Files for License in Hong Kong
- UAE, a Trending Country for Fund Growth
Cryptocurrency exchange Bybit has secured a provisional license from Dubai’s Virtual Asset Regulatory Authority (VARA). This marks a significant milestone in the company’s efforts to expand its global footprint.
Bybit Continuous Expansion
The Virtual Asset Service Provider (VASP) license allows Bybit to offer virtual asset exchange services to retail and institutional investors in Dubai, albeit it remains non-operational for the time being. Bybit needs to obtain a full operational license before fully rolling out its services in the region. With the VARA license, Bybit plans to leverage its enhanced regulatory status to attract a broader regional user base and support Dubai’s ambition to become a global blockchain leader.
Bybit Files for License in Hong Kong
In February, the exchange applied for a license in Hong Kong to operate as a “virtual asset trading platform.” This strategic move aligns with the company’s aim to tap into the burgeoning crypto market in the Asia Pacific region and cater to institutional clients. Bybit’s application was submitted through its entity Spark Fintech Limited, signaling its commitment to establishing a foothold in Hong Kong’s crypto market.
UAE, a Trending Country for Fund Growth
In recent years, the UAE has become a top choice for investment, attracting investors and entrepreneurs worldwide. Kalpesh Patel, a notable investor, highlighted that the UAE’s regulatory framework developed by entities like the SCA, FRSA, and DFSA makes it appealing for business. He also emphasized the stable political climate, tax incentives, and diverse investment opportunities that increase the UAE’s attractiveness to new and seasoned entrepreneurs and investors.
Securing the VARA provisional license and applying for a license in Hong Kong reflect Bybit's strategic efforts to expand its global presence and support the development of digital assets in various regions.
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