Bybit Wins Provisional Approval for Crypto Operations in Dubai
Cryptocurrency exchange Bybit has secured provisional approval from Dubai’s Virtual Assets Regulatory Authority, VARA, to acquire a Virtual Asset Service Provider license. The announcement made today, September 16, 2024, represents the first step toward getting an operational license in full in the region. The approval comes after a diligent review that cleared Bybit to meet Dubai’s strict regulatory requirements concerning virtual assets, showing its readiness to operate in one of the world’s most promising crypto hubs.
Helen Liu, the COO of Bybit, promptly commented on the issuance: “Dubai features a strategic location, progressive policies, and an innovation-driven environment”. She further underlined the “robust regulatory framework” of the emirate, as well as its aspirations to turn into a world blockchain hub, as the precise setting in which to further digital currencies and blockchain technologies.
Bybit Keeps Contributing to Dubai’s Crypto Action
The exchange first entered Dubai in 2022, choosing the city as the site for its international headquarters. Since then, it has been actively participating in various initiatives that go toward the support of the local crypto ecosystem. A critical partnership renewal was with Dubai Multi Commodities Centre-DMCC, a free zone, where Bybit offers advisory support to further develop the growth of the web3 ecosystem. It further demonstrates Bybit’s further commitment to fostering innovation and growth within Dubai’s fast-developing blockchain and cryptocurrency ecosystems.
Part of Bybit’s Global Expansion
The growth of Bybit in Dubai is only part of the wider global expansion it has witnessed. In September 2024, the company obtained formal approval from the Astana Financial Services Authority in Kazakhstan to pursue a full operating license within the country. This follows after the firm obtained a VASP license in Argentina earlier this year, as part of plans to scale its offerings in vital growth markets.
These efforts on the part of the company, in turn, toward getting regulatory clearance from different jurisdictions underscore its commitment to compliance and ambition to be a global leader in the cryptocurrency exchange space.
Dubai’s Growing Role as a Crypto Hub
Dubai is fast becoming one of the world’s biggest centers for cryptocurrency and blockchain. The in-principle approval of Bybit comes just after a big nationwide deal between the United Arab Emirates’ Securities and Commodities Authority and VARA on September 9, 2024, which gives crypto exchanges licensed in Dubai the right to offer services across the whole nation, thus more deeply integrating digital assets into the national financial scenery.
Another major development: the Dubai Court of First Instance lately passed a landmark judgment wherein cryptocurrencies came out to be declared legitimate payment for salary purposes. It was a case wherein there was to be payment by an employer to an employee in EcoWatt tokens as part of the employee’s agreed compensation package. This significant step legitimized cryptocurrencies for everyday uses, including employment contracts, within the region.
Larger Crypto Landscape in Dubai
Bybit isn’t the only exchange that has been making waves in Dubai. In June 2024, global crypto exchange Binance received its own VASP license by VARA. This further cemented Dubai’s place as a destination for cryptocurrency companies. Their announcement comes as Dubai continues to enhance its regulatory framework and create an environment that fosters innovation, attracting major players in the cryptocurrency world.
With the ever-growing amount of initiatives aimed at supporting blockchain and crypto innovation, Dubai is surely well on its way to becoming the global blockchain capital. This latest milestone for Bybit, in addition to the favorable business environment and regulatory clarity provided by the city, places both the exchange and Dubai on the frontline in the global cryptocurrency industry.
