Bybit, a leading global cryptocurrency exchange, has secured a provisional license from Dubai’s Virtual Asset Regulatory Authority (VARA), marking a significant step towards full licensing as a Virtual Asset Service Provider (VASP) in the region. Since establishing its headquarters in Dubai two years ago, Bybit’s progressive integration into the local market underscores Dubai’s appeal as a burgeoning hub for digital currencies.

Helen Liu, COO of Bybit, praised Dubai’s strategic position and innovation-centric policies for providing vast opportunities for the crypto industry. This development follows Bybit’s acquisition of a preliminary Minimum Viable Product (MVP) license last year, further solidifying its commitment to complying with local regulations and enhancing its service offerings in the Middle East.

Dubai continues to attract major cryptocurrency enterprises with its clear regulatory frameworks, aimed at positioning the city as a global leader in blockchain technology. The recent strengthening of Bybit’s partnership with the Dubai Multi Commodities Centre (DMCC) to an advisory role further demonstrates the city’s dynamic and supportive environment for advancing blockchain and cryptocurrency innovations.

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