Bybit Secures Authorization in Dubai amid Regulatory Reshuffle

Bybit Secures Authorization in Dubai amid Regulatory Reshuffle

After
obtaining licenses in Cyprus and Kazakhstan and having exited Canada, the
cryptocurrency exchange Bybit continues its organizational redevelopment. Since announcing in April that it established its main global headquarters in
Dubai, it has now obtained one of the local licenses to provide cryptocurrency
services.

Bybit Acquires MVP License
in Dubai

Bybit
FinTech FZE, a branch of Bybit operating in the Middle East, announced
yesterday (Tuesday) that the Dubai-based Virtual Assets Regulatory Authority
(VARA) granted it a preliminary Minimum Viable Product (MVP) licence.

Under this
license, Bybit can provide services to customers in Dubai, but only for a very
narrow and limited group. It will only be able to fully present its offering to
customers from the United Arab Emirates (UAE) after it received the full
authorization

Although
Bybit’s current operational capabilities in the country are 'very restricted’,
the exchange’s CEO, Ben Zhou, looks positively to the future and claims that
VARA wants to support innovation and entrepreneurship in the cryptocurrency
sector.

When the
exchange obtains a full license, it wants to provide all possible
cryptocurrency services permitted by local law. VARA allows companies to
provide services in the areas of advisory, trust, loans, payments, investments,
money transfers, and brokerage.

“We would like to express our gratitude to VARA for their careful consideration of our application and for granting us the MVP Preparatory License. This is a crucial step forward for Bybit in the UAE, as Dubai plays a pioneering role in advancing the world’s development of financial innovation and digital assets,” Zhou said. “We consider the receipt of this license to be a significant milestone that acknowledges the hard work, dedication, and strong commitment to compliance exhibited by our team.”

Bybit began
its journey in the UAE market over a year ago. Yet in March 2022, it obtained
in-principle approval to operate in this region. In April 2023, it also decided to
move its main headquarters there. Currently, it is located in One Central at the
Dubai World Trade Center, occupying a 16,000-square-foot open space with views
of the city’s iconic landmarks.

Along with
the information about changing the main headquarters, Bybit reported an increase of 50% in its customer base.

Bybit Changes Its
Regulatory Areas

As
mentioned in the introduction, Bybit’s recent moves clearly aim to change the
exchange’s existing regulatory environment. In addition to moving to Dubai and
obtaining an MVP license, the exchange obtained temporary permission to operate
in Kazakhstan.

The
country, which is associated with cryptocurrency enthusiasts mainly with cheap
energy used by digital asset mines, is supposed to be a 'gateway’ to the CIS
region for the company. The CIS is a regional intergovernmental organization
created after the collapse of the Soviet Union. It represents a lively market
for the adoption of digital assets and is a promising center for
cryptocurrencies.

Also, in
May, Bybit decided to exit Canada, following in the footsteps of Binance. Since
May 31, the exchange has no longer accepted new customers from Canada due to the
'recent regulatory developments’.

Earlier
this week, the platform announced it had obtained a new European license. From
now on, Bybit is an authorized company by Cypriot CySEC, so it can provide its
services across the entire Old Continent.

According
to the regulator’s register, the license was granted to the Lithuanian company
UAB Onlychain Fintech Limited in May 2023.

„This
landmark is a testament to Bybit’s commitment to adhering to robust regulatory
frameworks while expanding our global presence. We look forward to bringing the
Crypto Ark to Cyprus,” Zhou commented.

This article was written by Damian Chmiel at www.financemagnates.com.

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