Bybit, the world’s second-largest crypto exchange by trading volume, has been granted a Provisional (Non-Operational) approval for VASP In Dubai. The Virtual Asset Exchanges services license covers retail, qualified investors, and institutional users.
Bybit works towards a full operation in Dubai
Bybit’s license marks an essential milestone in its journey towards securing full Operational Approval in Dubai. With the current win, the exchange has lived up to VARA’s high standards for crypto investments.
The firm moved its international headquarters to Dubai in 2022. The company recently renewed its partnership with the Dubai Multi Commodities Crypto Centre (DMCC). Reports suggest that Bybit was in talks with Dubai regulators to effectively meet the requirements for the Provisional Approval.
The exchange switched from a significant ecosystem partner to an advisory role at DMCC Crypto Hub. Its contribution has been key to Dubai’s booming crypto and Web3 industries. Helen Liu, Chief Operating Officer of Bybit, says that:
“Dubai’s strategic location, progressive policies, and innovation-driven environment offer unparalleled opportunities for businesses and investors in the cryptocurrency sector […]With its robust regulatory framework and commitment to becoming a blockchain capital, Dubai is the ideal place to advance digital currencies and foster growth in this exciting industry.”
Bybit is also launching several industry projects, such as the Crypto Content Creator Campus for KOLs in the crypto industry. The project is set to launch in Dubai this November.
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Source: https://www.cryptonewsz.com/bybit-secures-provisional-approval-vara-dubai/