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Cryptocurrency exchange Bybit has announced a significant move to enhance its footprint in Dubai by obtaining provisional approval from the Virtual Assets Regulatory Authority (VARA).
The exchange emphasized that this is a “non-operational” approval, yet it brings Bybit closer to acquiring a full Virtual Asset Service Provider (VASP) license. This license will enable the firm to provide virtual asset exchange services to retail, institutional, and qualified investors in Dubai.
Why Dubai?
Dubai has become a key hub for cryptocurrency and blockchain companies due to its favorable policies, regulatory transparency, and strategic location.
Bybit, which set up its global headquarters in Dubai in 2022, has actively engaged in the city’s expanding crypto ecosystem.
“Dubai’s strategic position, forward-thinking policies, and innovation-centric environment present unmatched opportunities for businesses and investors in the cryptocurrency field,” stated Helen Liu, chief operating officer of Bybit.
“With its strong regulatory framework and dedication to becoming a blockchain capital, Dubai is the perfect location to promote digital currencies and encourage growth in this dynamic industry,” Liu added.
The provisional approval from VARA indicates that Bybit is adhering to Dubai’s stringent regulatory requirements and collaborating closely with local authorities.
During a recent panel discussion at Korea Blockchain Week (KBW2024), Binance CEO Richard Teng commended Dubai and its regulatory framework for digital assets.
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While discussing the Middle East, Teng highlighted the innovative regulatory strategies in nations such as Abu Dhabi, Bahrain, and Dubai. He praised the establishment of VARA, which is specifically tasked with regulating the crypto sector.
VARA Dedicated to Overseeing Virtual Assets
VARA, created to regulate virtual assets in Dubai, has earned a reputation for its rigorous yet progressive regulatory framework.
The licensing procedure for virtual asset exchanges, including Bybit’s, is comprehensive and requires close collaboration between the regulator and the applicant.
Bybit has expressed its commitment to maintaining these high standards, aligning with Dubai’s broader ambition of becoming a global frontrunner in blockchain and digital assets.
Bybit Pulls out of France Due to Regulatory Pressure
In August, Bybit revealed its exit from France in response to recent regulatory actions taken by French authorities. The company announced that it would cease offering products and services to French nationals and residents.
As of Aug. 2, Bybit limited French users’ accounts to “close-only” mode, preventing the opening of new positions or the addition of any deposits.
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