Crypto exchange ByBit has received provisional approval for a Virtual Asset Service Provider (VASP) license from Dubai's Virtual Assets Regulatory Authority (VARA). This marks the completion of the first step toward obtaining a full operational license.
License Acquisition Process
As part of the approval process, ByBit underwent a detailed review to ensure compliance with the standards set by Dubai's crypto regulator. Helen Liu, Chief Operating Officer of Bybit, noted that Dubai's strategic location, progressive policies, and innovation-driven environment offer a thriving market for crypto businesses. She added that Dubai's robust regulatory framework and commitment to becoming a blockchain capital make it the ideal place to advance digital currencies.
Impact on Crypto Market
This move by ByBit is part of its global expansion efforts. Earlier this month, the exchange received formal consent from the Astana Financial Services Authority to obtain a license in Kazakhstan. Prior to that, ByBit secured a VASP license from Argentina's General Inspectorate of Justice. Dubai is actively positioning itself as a global leader in the cryptocurrency space through several recent moves. In September, an agreement between the United Arab Emirates' Securities and Commodities Authority and VARA was signed, allowing licensed crypto exchanges in Dubai to offer their services across the entire country.
ByBit's Additional Initiatives
ByBit initially entered the Dubai market after establishing its international headquarters in 2022 and has since been involved in several initiatives to promote the crypto and web3 sector. The exchange recently renewed its partnership with the Dubai Multi Commodities Centre to promote the development of the web3 ecosystem as an advisor. In similar news, crypto exchange Binance also secured a VASP license from VARA in June 2024.
ByBit's acquisition of the provisional VASP license from Dubai's crypto regulator is a significant step in advancing the crypto business and supporting innovation in the region. This move also underscores Dubai's aspiration to claim a leading position in the global cryptocurrency industry.
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