Crypto firm Bybit gets preparatory licence in Dubai

Bybit Fintech, a subsidiary of the crypto exchange Bybit, has been granted a minimum viable product (MVP) preparatory licence by Dubai’s Virtual Asset Regulatory Authority (Vara).

While the licence does not allow Bybit to launch a digital assets business in Dubai quite yet, it has been described by the company as “a crucial step forward for Bybit in the UAE”.

It follows the award of a provisional licence that was granted in March. Bybit also opened a new headquarters in Dubai in April, expecting to be granted further licences.

Bybit has also been awarded an operating licence in Cyprus, which, like the UAE, is looking to establish itself as a regional crypto hub.

The licence awards come at a time of rising tension between regulators and crypto exchanges.

In recent weeks, two prominent exchanges, Binance and Coinbase, have had run-ins with rule-makers.

It is a point not lost on Bybit, judging by the statements that accompanied the announcement of the licence award.

“At Bybit, we wholeheartedly support the regulatory objective of building a cryptocurrency industry that is both compliant, secure, and transparent, ultimately benefiting all those seeking financial freedom,” said Ben Zhou, co-founder and CEO of Bybit.

©2023 funds global mena

Related Articles