The UAE Virtual Regulatory Authority website has just listed ByBit crypto exchange, the second largest crypto exchange globally, as a licensed VASP ( Virtual Asset Service Provider), pending final authorizations and requirements. Once the license is fully received Bybit will offer crypto exchange services institutional Investors, Qualified Investors and Retail Investors.
“Dubai’s strategic location, progressive policies, and innovation-driven environment offer unparalleled opportunities for businesses and investors in the cryptocurrency sector,” said Helen Liu, Chief Operating Officer of Bybit. “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.”
In June 2023, Bybit received its minimum viable product license from VARA.
During this time, the crypto exchange partnered with UAE’s DMCC freezone to offer financial support totaling $136,000 for new crypto businesses looking to set up in the DMCC crypto center. Bybit’s pledge of financial support in the amount of $136,000 will be used to kickstart the growth journeys of 15 new Web3 companies at the DMCC Crypto Centre. It also held its Hackathon at DMCC.
Bybit also supported crypto and blockchain ecosystem in the UAE with the University of Sharjah. Bybit contributed $272.000 equivalent to 1 million AED to establish a scholarship fund to support 20 students to accelerate their academic and research career into fintech and blockchain at the American University of Sharjah.
In March 2023 Bybit was one of the global crypto exchanges to have received preliminary approval from VARA.
So far Dubai’s VARA has licensed Binance and Deribit as crypto exchanges with derivative services, while offering crypto exchange service licenses to OKx, Crypto.com, BackPack and Toko.
Updated September 16th with quote from ByBit.
