Cryptocurrency exchange Bybit has received In-Principle Approval from the Securities & Commodities Authority in the UAE to establish a Virtual Asset Platform, strengthening its position to offer licensed services in a rapidly growing digital asset hub.
Bybit Seeks Regulatory Compliance Amid UAE’s Crypto Expansion
This approval allows Bybit to advance plans to offer virtual asset services to both retail and institutional clients within the UAE's growing digital economy. Co-founder and CEO of Bybit, Ben Zhou, highlighted the significance of this regulatory milestone, stating: 'We are honored to have received the IPA from SCA. This approval marks a crucial step in our journey to providing secure and transparent crypto trading solutions.'
Bybit Expands Global Regulatory Footprint Amid Challenges
Bybit's progress in the UAE is part of broader efforts to secure regulatory clearances in various countries. The exchange has recently gained approvals in India, Georgia, Kazakhstan, and Turkey as part of its global compliance strategy. In India, Bybit registered successfully after paying a fine, allowing the resumption of services for Indian users.
UAE Positions Itself as Digital Asset Hub
Bybit’s upcoming operational license will add to the UAE’s expanding ecosystem of regulated virtual asset service providers. The country has created specialized economic zones offering crypto-friendly frameworks, aligning with its broader economic vision to diversify beyond oil. Unlike other countries, the UAE has opted for a regulated approach allowing innovation within defined parameters.
Bybit’s approval by the SCA emphasizes UAE’s standing as a global digital asset hub and reinforces its reputation as a country with a progressive regulatory approach.
