Crypto Exchange Bybit Obtains Provisional Approval From Dubai’s Regulator VARA
Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk and Bitcoin Magazine.
Cryptocurrency exchange Bybit said it has taken a step toward strengthening its presence in Dubai by securing provisional approval from the Virtual Assets Regulatory Authority (VARA).
The exchange stressed this is “non-operational” approval but allows Bybit to move closer to obtaining a full Virtual Asset Service Provider (VASP) license. This will allow the company to offer virtual asset exchange services to retail, institutional, and qualified investors in Dubai.
Dubai has emerged as an important location for cryptocurrency and blockchain firms due to its policies, regulatory clarity, and strategic positioning.
Bybit, which established its global headquarters in Dubai in 2022, has been an active participant in the city’s growing crypto ecosystem.
“Dubai’s strategic location, progressive policies, and innovation-driven environment offer unparalleled opportunities for businesses and investors in the cryptocurrency sector,” said 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,” adds Liu.
The provisional approval from VARA shows Bybit is complying with Dubai’s rigorous regulatory standards and working closely with local authorities.
At a recent panel discussion during Korea Blockchain Week (KBW2024) Binance CEO Richard Teng praised Dubai and its regulatory framework for digital assets.
Commenting on the Middle East, Teng pointed to innovative regulatory approaches in countries
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