Dubai’s Virtual Assets Regulatory Body Grants Bybit MVP License

• Bybit CEO stated that the exchange is actively pursuing a full market product license.
• The firm was granted preliminary permission from VARA in April 2022.

Dubai’s Virtual Assets Regulatory Authority (VARA) issued Bybit FinTech FZE, a subsidiary of the crypto exchange Bybit, a Minimum Viable Product (MVP) preparatory license on June 27. To serve a wider range of consumers in the United Arab Emirates, Bybit CEO Ben Zhou stated that the exchange is actively pursuing a full-market product license in Dubai.

Zhou stated:

“Bybit already operates out of Dubai; the MVP licence only allows Bybit to service a very restricted set of accredited investors.”

Eyeing Full Market Product License

Bybit wants to operate a full-stack digital asset exchange, delivering all services available within that license, according to the company’s chief executive after they get their Dubai license. Moreover, these services include investment advice, broker-dealer services, custody and exchange services, lending and borrowing services, payment and remittance services, and more, as reported by the VARA.

Zhou went on to say that the United Arab Emirates and Dubai have been working hard to give regulatory clarity while lobbying for investor protection. The recent development occurs shortly after the business established its new headquarters in Dubai in April 2023. The firm was granted preliminary permission from VARA in April 2022.

Moreover, the announcement follows a period of intense growth for Bybit with authorities throughout the world. Bybit announced on June 26 that it has been granted permission to function as a cryptocurrency exchange and custody business in Cyprus.

Also, Bybit was granted preliminary clearance in May by the Astana International Financial Centre in Kazakhstan to function as a crypto trading facility and custody services provider.

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