Bybit, the world’s second-largest crypto exchange by trading volume, just secured Provisional (Non-Operational) Approval from the Virtual Assets Regulatory Authority (VARA) for its Virtual Asset Service Provider license in Dubai. This marks a key milestone for the exchange on the road to gain full operational approval.
The leading crypto exchange had established its international headquarters in Dubai back in 2022 and as of now, the city has become a key part of Bybit’s global operation. The major approval has assured its position as a major player in Dubai’s vibrant crypto scene. Bybit joining hands with VARA shows its pledge to comply with high standards and regulatory institutions.
Dubai’s VARA gives Bybit the green light
With the approval, Bybit is set to amplify its services for retail, qualified investors, and institutional users in the region. It covers the exchange’s running vow to innovation while the approval reflects a thorough and collaborative licensing process.
Bybit recently renewed its partnership with the Dubai Multi Commodities Crypto Centre (DMCC) which allowed it to explore more opportunities. The crucial step opens the gate for the crypto exchange to stand in an advisory role with DMCC Crypto Hub. It is being seen as a leading contributor to Dubai’s growing Web3 industry.
Helen Liu, Chief Operating Officer of Bybit, stated that “Dubai’s strategic location, progressive policies, and innovation-driven environment offer unparalleled opportunities for businesses and investors in the cryptocurrency sector.” She added, “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.”
Bybit enters a new phase
The green light from Dubai comes in when the global crypto market is entering the next stage of a bull cycle. The cumulative crypto market cap stands over $2 trillion as Bitcoin (BTC) hovers around $60,000. It is expected that BTC might hit a new all-time high (ATH) again soon.
Bybit is coming up with fresh and exciting new projects as the industry moves into a new phase, having recently launched a key sponsorship of the Blockchain for Good Alliance (BGA) at Blockchain Life in April in Dubai. They’re also launching the Crypto Content Creator Campus in Dubai this November.