DUBAI, UAE — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has secured a Provisional (Non-Operational) Approval from Dubai’s Virtual Assets Regulatory Authority (VARA). This milestone brings Bybit closer to obtaining full operational licensure as a Virtual Asset Service Provider (VASP) for exchange services catering to retail, institutional, and qualified investors.
Key Highlights of Bybit’s Provisional Approval
- Regulatory Milestone: The approval reflects Bybit’s compliance with VARA’s stringent standards and commitment to Dubai’s evolving crypto ecosystem.
- Strategic Positioning: Dubai serves as Bybit’s global headquarters, aligning with the city’s vision to become a blockchain innovation hub.
- Collaborative Process: Bybit engaged in constructive dialogues with VARA to meet regulatory requirements, emphasizing transparency and adherence.
👉 Explore how Bybit is shaping Dubai’s crypto future
Bybit’s Growing Footprint in Dubai
Since establishing its international HQ in Dubai in 2022, Bybit has deepened ties with local entities:
- DMCC Partnership: Transitioned from an ecosystem partner to an advisory role with the DMCC Crypto Hub, reinforcing its leadership in Web3.
- Industry Initiatives: Launched the Crypto Content Creator Campus (set for November 2024) and sponsors the Blockchain for Good Alliance (BGA), promoting socially impactful blockchain projects.
Helen Liu, COO of Bybit, remarked:
"Dubai’s progressive policies and robust regulatory framework make it the ideal base to advance digital asset adoption and drive industry growth."
FAQs About Bybit’s VARA Approval
1. What does Provisional (Non-Operational) Approval mean?
This interim approval allows Bybit to prepare infrastructure and processes pending full operational licensure, ensuring compliance with VARA’s mandates.
2. How will this benefit Bybit users?
Users gain access to a regulated trading environment with enhanced security and institutional-grade services post full approval.
3. What’s next for Bybit in Dubai?
Bybit will focus on securing Operational Approval while expanding local partnerships and educational initiatives like the Crypto Content Creator Campus.
👉 Discover Bybit’s global crypto solutions
About Bybit
Bybit serves 40 million users worldwide, offering:
- Ultra-fast trading engine.
- 24/7 multilingual support.
- Partnerships with Oracle Red Bull Racing.
For updates, follow Bybit’s official channels.