Bybit secures provisional VASP approval from VARA in Dubai

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Bybit, the world’s second largest cryptocurrency exchange by trading volume, has received provisional approval for a virtual service provider (VASP) license from the Virtual Assets Regulatory Authority (VARA) in Dubai. The non-operational approval covers virtual asset exchange services for retail, qualified investors and institutional users in Dubai.

This milestone marks a key step towards Bybit achieving full operational approval in Dubai, where it has established its global headquarters in 2022. The company has actively engaged with VARA to meet stringent regulatory requirements.

“Dubai’s strategic location, progressive policies and innovation-driven environment provide unparalleled opportunities for businesses and investors in the cryptocurrency sector,” said Helen Liu, Chief Operating Officer of Bybit.

Liu added that Dubai is the ideal place to promote digital currencies and drive growth in the industry as it offers a robust regulatory framework and is committed to becoming a blockchain capital.

Bybit has strengthened its presence in Dubai by renewing its partnership with the Dubai Multi Commodities Crypto Center (DMCC) and transitioning to an advisory role with the DMCC Crypto Hub. The exchange has also launched initiatives such as sponsoring the Blockchain for Good Alliance and planning a crypto content creation campus in Dubai this November.

The provisional approval from VARA reinforces Dubai’s position as a growing hub for crypto and blockchain innovation, with regulators working closely with industry leaders to create a robust and compliant ecosystem.

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