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In a move that further solidifies Dubai's position as an emerging cryptocurrency hub, Bybit, a top 5 cryptocurrency exchange by trading volume, has secured a Provisional (Non-Operational) Approval for a Virtual Asset Service Provider (VASP) license in Dubai, marking a significant step towards the exchange's full operational approval in the emirate.
The provisional license, granted by Dubai's Virtual Assets Regulatory Authority (VARA), allows Bybit to offer virtual asset exchange services to retail, qualified investors, and institutional users. This announcement is a further indication that Dubai continues to position itself as a global leader in the regulation and adoption of cryptocurrency and blockchain technology.
Helen Liu, Chief Operating Officer of Bybit, emphasised the strategic importance of Dubai in the company's plans: "Dubai's strategic location, progressive policies, and innovation-driven environment offer unparalleled opportunities for businesses and investors in the cryptocurrency sector. 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."
The licensing process, described as thorough and collaborative, reflects VARA's commitment to maintaining a robust yet innovative virtual assets ecosystem. Bybit's says that its success in obtaining the provisional approval underscores the exchange's dedication to compliance and its ability to meet VARA's high standards.
As other countries grapple with how to oversee the crypto industry, Dubai has emerged as one of the most welcoming environments for crypto businesses, setting clear guidelines and attracting major names in the field.
Bybit's relationship with Dubai has been strengthening since the company established its global headquarters in the emirate in 2023. The exchange recently renewed its partnership with the Dubai Multi Commodities Crypto Centre (DMCC), transitioning from a key ecosystem partner to an advisory role with DMCC Crypto Hub. This move further cemented Bybit's position as a leading contributor to Dubai's growing crypto and Web3 industry.
The exchange is also expanding its influence beyond trading. In April, Bybit launched a key sponsorship of the Blockchain for Good Alliance (BGA) in Dubai, a non-profit organisation focused on leveraging blockchain technology for social, environmental, and economic challenges. Additionally, the company is set to launch a Crypto Content Creator Campus for key opinion leaders in the crypto industry this November in Dubai.
