Bybit Receives Dubais Virtual Assets Regulatory Authoritys Preparatory License

By Lola Coin Jun 27, 202365Views

Bybit, a crypto exchange, has received the Minimum Viable Product (MVP) Preparatory License from Dubai’s Virtual Assets Regulatory Authority (VARA). This comes just over a year after the exchange received the Provisional License. While the new license does not allow Bybit to start virtual asset operations in Dubai, it is a sign of progress in acquiring operational permission from VARA. Bybit’s CEO, Ben Zhou, sees this as a crucial step forward for the exchange in the UAE and acknowledges the pioneering role Dubai plays in financial innovation and digital assets. Bybit has recently opened its global headquarters in Dubai and gained a license for crypto exchange and custody services in Cyprus. Despite a workforce reduction earlier this year, Bybit is continuing its expansion plans.

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