Cryptocurrency exchange Bybit has received Provisional (Non-Operational) Approval for a Virtual Asset Service Provider (VASP) license in Dubai, allowing it to offer Virtual Asset Exchange services to retail, qualified investors, and institutional users. This development strengthens Bybit’s ties with Dubai, which is home to its global headquarters. This license represents a significant step in Bybit’s efforts to obtain full Operational Approval in Dubai, highlighting the company’s dedication to compliance and adherence to VARA‘s stringent standards. The licensing process is comprehensive and collaborative, demonstrating VARA’s commitment to fostering a robust and innovative virtual assets ecosystem. Moreover, Bybit has engaged in positive discussions with the regulator to effectively satisfy the requirements for Provisional Approval.
Strengthening partnerships in Dubai’s crypto ecosystem
Bybit established its international headquarters in Dubai in 2022 and has recently renewed its partnership with the Dubai Multi Commodities Crypto Centre (DMCC). In addition, the company transitioned from a key ecosystem partner to an advisory role within the DMCC Crypto Hub, reinforcing its status as a major player in Dubai’s dynamic crypto and Web3 landscape.
Engaging in social impact through blockchain
Additionally, Bybit launched its sponsorship of the Blockchain for Good Alliance (BGA) at Blockchain Life in April in Dubai. This non-profit organization collaborates with various entities focused on utilizing blockchain technology to tackle global social, environmental, and economic issues. Furthermore, Bybit is launching several industry initiatives, including the Crypto Content Creator Campus for key opinion leaders in the crypto space, set to debut in Dubai this November.
Read more: DMCC, Bybit extend partnership to boost Dubai’s position as global crypto hub
Commenting on this, Helen Liu, chief operating officer of Bybit, noted that Dubai’s strategic location, progressive policies, and innovation-driven environment present unmatched opportunities for businesses and investors in the cryptocurrency sector. She further emphasized that the city’s strong regulatory framework and dedication to becoming a blockchain capital make it an ideal location for advancing digital currencies and promoting growth in this dynamic industry.
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