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The Virtual Asset Regulatory Authority (VARA) has issued Bybit a provisional license, allowing the crypto exchange to cater to both retail and institutional investors in Dubai.
Bybit, recognized as the second-largest crypto exchange globally by derivatives volume, has obtained this provisional license two years after relocating its headquarters to Dubai.
Helen Liu, Bybit’s Chief Operating Officer, highlighted that this license marks a significant achievement in the company’s global growth strategy, aligning with Dubai’s vision to become a premier blockchain hub.
In a notable regulatory update, the UAE authorities announced on September 9 that virtual asset service providers (VASPs) licensed in Dubai will be permitted to operate throughout the country, as per the Securities and Commodities Authority (SCA) and VARA.
Bybit Pursues Full Operational License in Dubai
Although the provisional license allows Bybit to serve both retail and institutional clients in Dubai, the exchange is actively working towards obtaining a full operational license in the region.
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