Cryptocurrency exchange Bybit has successfully obtained a Virtual Asset Platform Operator License from the Securities and Commodities Authority (SCA) of the United Arab Emirates (UAE). This comes eight months after being granted preliminary approval by regulators.

In a recent announcement, Bybit noted that this regulatory approval allows them to provide their global products and services in the UAE region. The company had received a similar licensing approval in Austria earlier this year and had registered in India in February after resolving compliance issues with a monetary fine.

“Receiving the full Virtual Asset Platform Operator License from the SCA is a testament to Bybit’s unwavering commitment to building trust through compliance and transparency,” said Bybit co-founder and CEO Ben Zhou. “The UAE has emerged as a global leader in digital asset regulation, and this recognition underscores the strength of our security and governance standards.”
(Translation: “Receiving the full Virtual Asset Platform Operator License from the SCA is a testament to Bybit’s unwavering commitment to building trust through compliance and transparency,” said Bybit co-founder and CEO Ben Zhou. “The UAE has emerged as a global leader in digital asset regulation, and this recognition underscores the strength of our security and governance standards.”)

As many cryptocurrency companies pursue regulatory legitimacy across various regions in the UAE, there are often challenges in navigating compliance hurdles. To address this, Dubai’s Virtual Assets Regulatory Authority (VARA) and the UAE’s Securities and Commodities Authority recently established a partnership to streamline crypto regulations, including licensing reciprocity. VARA had previously issued Bybit a non-operational license in Dubai but the company has now achieved full approval.

Dubai: A Rising Global Crypto Hub

The UAE, particularly Dubai, has attracted numerous top-level crypto companies due to its favorable regulatory environment and potential for investment. A notable mention this year includes The Open Network (TON) that is working on a unique UAE Golden Visa for investors.

With this newfound regulatory approval, Bybit aims to bolster its operations in the region, enhancing its service offerings and security measures.