Bybit Obtains Provisional Crypto License from Dubai Regulator

Cryptocurrency trading platform Bybit has received a ‘preliminary approval’ to begin operations in Dubai as a Virtual Asset Service Provider (VASP), following a nod from Dubai’s Virtual Asset Regulatory Authority (VARA). This comes a time after Bybit set up its base in Dubai two years back.

Cryptocurrency Exchange Bybit Obtains a Provisional Licence from the Dubai System

Earlier this year, Bybit was named by the World Exchange Review as one of the three largest crypto exchanges, and recently Bybit has been granted a provisional license by the Dubai regulator in order to become a fully licensed VASP in Dubai. This is a provisional licence Bybit has received from the Virtual Asset Regulatory Authority (VARA) that is today a major step towards attaining its final licence in Dubai.

Strengthening Dubai Presence

The provisional license as of now is non-operational but is a major milestone for Bybit in the regulatory regime. It had earlier obtained a preliminary Minimum Viable Product (MVP) license last year and demonstrates the firm’s intention to build the right base in the city.

According to Helen Liu, the COO for Bybit, “Being located at the crossroads of Europe and Asia, Dubai’s policies, with its embrace of continuous innovation in the business world makes it a perfect place for undertaking and investing in the cryptocurrency industry. ”

The provision of regulatory laws in Dubai came into force as the Dubai Virtual Asset Regulation Law in 2021, which has aided in placing the city on the global map towards the adoption of crypto currencies. As mentioned before, large crypto brands including Binance, Crypto. com, and Blockchain. Some of the other businesses that will have already secured licenses include those operating under this framework such as Bamboo Chang’an com.

Liu also commented that “Due to its well-developed legislation and stated focus on becoming a blockchain city, Dubai is undoubtedly the right choice for developing digital currencies and furthering the growth of such a promising industry.

Recent Developments

Apart from the permission to operate in Dubai, Bybit has added to its services in the city’s business hub by evolving its collaboration with DMCC from a core ecosystem partner to a consulting one.

Bybit has demonstrated significant growth in the crypto market. According to Coinmarketcap.com, Bybit reported over $3.8 billion in trading volume over the past 24 hours, with derivatives volume reaching over $16.2 billion, ranking just behind Binance. A report from Kaiko shows that Bybit’s market share surged from 8 percent in October 2023 to 16 percent in June 2024, reflecting the highest growth rate among major exchanges.

Still, there were these improvements, yet Binance faced reduced market share from 60% in October last year to 54% in June this year.

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