Dubai Virtual Assets Regulatory Authority Grants Bybit Temporary Virtual Asset Service Provider License
This license marks a significant achievement for Bybit in its efforts to obtain full operational approval in Dubai, reaffirming its commitment to fully comply with the stringent standards set by VARA.
The license was granted following a thorough evaluation process based on transparent and credible collaboration, reflecting VARA’s dedication to establishing an innovative virtual asset ecosystem.
Bybit established its global headquarters in Dubai in 2022 and recently renewed its partnership with the Dubai Multi Commodities Centre’s (DMCC) Crypto Centre.
The company has transitioned from being a key partner in the ecosystem to taking on an advisory role for the centre, solidifying its position as an active contributor to Dubai’s thriving cryptocurrency and Web 3.0 landscape.
Bybit has also announced its primary sponsorship of the “Blockchain for Good” alliance during the Blockchain Life Dubai Forum held in April.
This long-term, non-profit initiative focuses on collaborating with a network of institutions, projects, and individuals dedicated to leveraging blockchain technology to address global environmental, social, and economic challenges.
Additionally, Bybit is set to launch several projects, including a digital currency content creator hub for key thought leaders in the cryptocurrency space, expected to be unveiled in Dubai this November.
Helen Lyu, Chief Operations Officer at Bybit, stated: “Dubai’s strategic location, ambitious policies, and innovation-driven business environment offer tremendous opportunities for companies and investors in the digital currency sector.
Dubai is the ideal place for the development of cryptocurrencies and for accelerating growth in this promising industry.