Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has been granted a Provisional Approval for Virtual Asset Service Provider (VASP) licence for virtual asset exchange services from Dubai’s Virtual Assets Regulatory Authority (VARA).
Having secured the licence, Bybit takes a sizeable step towards securing full operational approval in Dubai. The crypto exchange explained that it engaged in a constructive dialogue with VARA to meet the requirements for the Provisional Approval effectively.
The licensing process is thorough and collaborative, as VARA looks to ensure it can maintain a robust and innovative virtual assets ecosystem.
Bybit initially established its international headquarters in Dubai in 2022, and the company recently renewed its partnership with the Dubai Multi Commodities Crypto Centre (DMCC). With this partnership, Bybit has transitioned from an ecosystem partner to an advisory role within the DMCC Crypto Hub. It also says this move solidified its position as a leading contributor in Dubai’s crypto and Web3 industry.
Helen Liu, chief operating officer of Bybit
“Dubai’s strategic location, progressive policies, and innovation-driven environment offer unparalleled opportunities for businesses and investors in the cryptocurrency sector,” explained Helen Liu, chief operating officer of Bybit. “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.”
At the Blockchain Life event in Dubai in April, Bybit also launched its key sponsorship of the Blockchain for Good Alliance (BGA), a non-profit organisation that collaborates with a network of organisations, projects, and individuals dedicated to leveraging blockchain technology to address global social, environmental, and economic challenges.
Bybit is also sponsoring various industry projects, including the Crypto Content Creator Campus in the crypto industry, set to launch in Dubai this November. The initiative will look to provide an ‘educational retreat’ that offers creators tools to better drive crypto adoption.
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