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Bybit Secures Provisional License to Operate in Dubai

Bybit's new license marks a key step in its global strategy, leveraging Dubai's innovative landscape to enhance opportunities in the cryptocurrency sector.

1 min 20 secSeptember 16, 2024

Highlights:

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Bybit receives provisional license from Dubai's VARA.

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Dubai's crypto-friendly environment boosts global expansion efforts.

Bybit Secures Provisional License to Operate in Dubai

Bybit, the world’s second-largest cryptocurrency exchange by derivatives volume, has achieved a provisional license from Dubai's Virtual Asset Regulatory Authority (VARA). This significant milestone comes two years after Bybit established its headquarters in the city, highlighting Dubai's growing status as a global hub for cryptocurrency.

 

 

Helen Liu, Bybit's Chief Operating Officer, emphasized the importance of this license in the company's global expansion strategy. She noted that Dubai's strategic location, progressive policies, and innovation-driven environment provide unmatched opportunities for businesses and investors in the crypto sector. Liu remarked, "An increasing number of crypto companies are relocating to Dubai, which is quickly establishing itself as a global hub with crypto-friendly regulations."

 

 

The provisional license allows Bybit to serve both retail and institutional investors within Dubai while the exchange continues its efforts to obtain a full operational license. This development aligns with broader regulatory changes in the UAE, where authorities are actively promoting a secure and transparent environment for virtual asset service providers (VASPs).

 

As Dubai enhances its regulatory framework to attract more blockchain and crypto firms, it is poised to solidify its position as a leader in the digital finance landscape. The recent announcement signals a promising future for Bybit and other crypto enterprises looking to thrive in this dynamic market.

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