Bybit, a prominent cryptocurrency exchange, is making significant strides in its global expansion efforts as it secures regulatory licenses in multiple countries. The latest development involves Bybit receiving the Minimum Viable Product (MVP) preparatory license from Dubai’s Virtual Assets Regulatory Authority (VARA) through its subsidiary, Bybit FinTech FZE.
Although Bybit already operates out of Dubai, its existing licensing only permits the exchange to cater to a limited group of accredited investors. Bybit’s CEO, Ben Zhou, expressed optimism about the company’s progress and its pursuit of a full market product license in Dubai. Acquiring this license would enable Bybit to serve a wider range of customers across the United Arab Emirates.
Upon obtaining the full license, Bybit plans to establish a comprehensive digital asset exchange in Dubai, offering a broad spectrum of services authorized by VARA. These services encompass advisory, broker-dealer, custody and exchange services, lending and borrowing, payments and remittances services, as well as investment services.
Zhou emphasized Dubai’s attractiveness as a business hub, emphasizing its commitment to creating a level playing field for companies of all sizes and sectors. The UAE and Dubai have actively pursued regulatory clarity, while prioritizing investor protection. Bybit’s CEO believes that Dubai’s forward-thinking approach to the digital economy makes it an ideal location for the exchange’s operations.
The recent regulatory advancements in Dubai follow Bybit’s establishment of its new headquarters in the city earlier this year. The company had previously secured in-principle approval from VARA in April 2022. Bybit’s expansion efforts have also extended to other countries, as the exchange obtained a license to operate as an exchange and custody service in Cyprus.
This move enables Bybit to offer trading between cryptocurrency and fiat currency pairs. Additionally, Bybit received pre-approval in Kazakhstan to operate as a digital asset trading facility and custody services provider at the Astana International Financial Centre.
Bybit’s relentless pursuit of regulatory compliance and its strategic expansion into multiple markets demonstrate the company’s commitment to becoming a global leader in the cryptocurrency industry. These developments are likely to bolster Bybit’s reputation and attract further interest from investors seeking involvement in the thriving digital economy.
