Bybit Receives Complete Regulatory Approval in the UAE
Bybit has obtained a Virtual Asset Platform Operator License from the UAE's Securities and Commodities Authority, allowing it to operate fully in the region.
Cryptocurrency exchange Bybit has received a Virtual Asset Platform Operator License from the UAE’s Securities and Commodities Authority (SCA), following eight months after the initial in-principle approval. This license comes shortly after acquiring a non-operational license for Dubai.
In an announcement, Bybit stated that the approval would enable the company to deliver its global offerings in this region. Earlier in May, authorities in Austria granted similar licensing approval, and Bybit made its entry into India in February, after a brief suspension of services and a substantial monetary penalty for compliance issues.
“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.”
Companies in the cryptocurrency sector typically navigate a complicated regulatory landscape across the various emirates in the UAE to offer services to residents. During August, the Dubai Virtual Assets Regulatory Authority (VARA) and the SCA formed a strategic partnership intended to streamline regulations, including licensing reciprocity.
Beyond the license in Dubai received last month, Bybit was actively pursuing full regulatory approval.
Already a Global Crypto Hub
The UAE, particularly Dubai, is rapidly becoming a hotbed for many major crypto entities, driven by appealing regulations and the prospect of attracting investors. In July, the Open Network (TON) drew attention by indicating plans for a UAE Golden Visa that could allow investors to invest $100,000 for residency.
Earlier this year, Bybit was the victim of a significant cyber attack attributed to the Lazarus Group, believed to be linked to North Korea, which led to the loss of over $1.4 billion in Ether (ETH). This incident is noted as one of the most substantial breaches in the crypto sector’s history.
Related: BitGo Secures VARA License Amid Regulatory Crackdown
