Bybit Secures Authorization in Dubai amid Regulatory Reshuffle

<p>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 <a href="https://www.financemagnates.com/cryptocurrency/bybit-reports-50-users-jump-establishes-global-headquarters-in-dubai/" target="_blank" rel="follow">main global headquarters in
Dubai</a>, it has now obtained one of the local licenses to provide cryptocurrency
services.</p><p>Bybit Acquires MVP License
in Dubai</p><p>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.</p><p>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</p><p>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.</p><p>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.</p><p>“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.”</p><blockquote><p lang="en" dir="ltr">