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Friday, July 19, 2024

Bybit Scores Preparatory License by Dubai’s Virtual Assets Regulatory Authority

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Bybit is on a roll with its global expansion efforts. The crypto exchange’s subsidiary – Bybit FinTech FZE – was granted the Minimum Viable Product (MVP) Preparatory License by Dubai’s Virtual Assets Regulatory Authority (VARA) a little over a year after it received the Provisional License.

  • While the new license does not yet allow Bybit to start virtual asset operations in the Emirate of Dubai, the latest development suggests the progress made in acquiring operational permission from VARA, according to the official press release shared with CryptoPotato.
  • Following the development, Ben Zhou, co-founder, and CEO of Bybit, said that obtaining the Preparatory License is a crucial step forward for the crypto exchange in the UAE.
  • The exec further highlighted the “pioneering role” played by Dubai in fostering the development of financial innovation and digital assets and went on to add,

“We would like to express our gratitude to VARA for their careful consideration of our application and for granting us the MVP Preparatory License. We consider the receipt of this license to be a significant milestone that acknowledges the hard work, dedication, and strong commitment to compliance exhibited by our team.”

  • Despite slashing its workforce by 30% due to incessant crypto winter earlier this year, Bybit doubled down on its expansion plans, with the most prominent being opening its global headquarters in Dubai in April.
  • More recently, the crypto exchange gained a license for crypto exchange and custody services in Cyprus after pulling out of Canada.

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