Bybit, a prominent cryptocurrency exchange, has secured a provisional license from Dubai’s Virtual Asset Regulatory Authority (VARA). According to the announcement, the non-operational license marks a significant milestone in the company’s efforts to expand its global footprint and aligns with Dubai’s vision of becoming a leading hub for blockchain technology and digital assets.
Bybit Continuous Expansion
Notably, the Virtual Asset Service Provider (VASP) license allows Bybit to provide virtual asset exchange services to retail and institutional investors in Dubai. Although, it remains a non-operational license for the time being. This means that Bybit needs to work to obtain a full operational license before it can fully roll out its services in the region.
With the VARA license, Bybit is poised to leverage its enhanced regulatory status to attract a broader regional user base. Furthermore, the company will support Dubai’s ambition to become a global blockchain leader. Bybit aims to contribute to developing a robust digital asset ecosystem in the region.
Bybit Files for License in Hong Kong
In February, the cryptocurrency exchange applied for a license in Hong Kong to operate as a “virtual asset trading platform.” This strategic move aligns with the company’s aim to tap into the burgeoning crypto market in the Asia Pacific region and cater to institutional clients. Bybit’s license application was submitted through its entity Spark Fintech Limited, signaling its commitment to establishing a foothold in Hong Kong’s crypto market.
This recent move by Bybit is significant considering Hong Kong’s relatively welcoming stance towards crypto firms compared to mainland China’s stringent measures against crypto trading and mining. Likewise, Bybit’s application highlights the importance of obtaining a Virtual Asset Trading Platform (VATP) license in Hong Kong.
UAE, a Trending Country for Fund Growth
In recent years, the United Arab Emirates has become a top choice for investment, attracting investors and entrepreneurs worldwide. The UAE is well-known for welcoming businesses, setting a spot on the map worth considering, and engaging in various economic activities.
Kalpesh Patel, a genuine visionary in the investment field, discussed the UAE and the tendency to turn to the jurisdiction for growing business. Speaking from his experience, Patel emphasized the UAE regulatory framework developed by major entities, such as the SCA, FRSA, and DFSA.
He also applauded the stable political climate the UAE is working to provide, along with tax incentives and diverse investment avenues. All of these have increased the UAE’s appeal to new or seasoned entrepreneurs and investors.
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