Bybit Secures Provisional (Non-Operational) Approval from VARA, Marking a Key Milestone Toward Full Operational Approval in Dubai

DUBAI, UAE,Sept. 16, 2024/PRNewswire/ --Bybit, the world's second-largest cryptocurrency exchange by trading volume, has been granted a Provisional (Non-Operational) Approval for Virtual Asset Service Provider (VASP) license for Virtual Asset Exchanges services inDubaifor retail, qualified investors, and institutional users, cementing the relationship between Bybit andDubai, the location of its global headquarters.

Bybit Logo (PRNewsfoto/Bybit)

This license marks an essential milestone for Bybit in its journey towards securing full Operational Approval inDubaiand underscores Bybit's commitment to compliance and adherence to VARA's high standards. The licensing process is thorough and collaborative, reflecting VARA's commitment to upholding a robust and innovative virtual assets ecosystem. Bybit engaged in a constructive dialogue with the regulator to meet the requirements for the Provisional Approval effectively.

Bybit established its international headquarters inDubaiin 2022, and the company recently renewed its partnership with the Dubai Multi Commodities Crypto Centre (DMCC). Bybit transitioned from a key ecosystem partner to an advisory role with DMCC Crypto Hub, solidifying its position as a leading contributor inDubai'sthriving crypto and Web3 industry.

Bybit also launched its key sponsorship of theBlockchain for Good Alliance (BGA)at Blockchain Life in April inDubai, a non-profit organization that collaborates with a network of organizations, projects, and individuals dedicated to leveraging blockchain technology to address global social, environmental, and economic challenges. Besides, Bybit is initiating various industry projects, such as theCrypto Content Creator Campusfor KOLs in the crypto industry, set to launch inDubaithis November.

"Dubai'sstrategic location, progressive policies, and innovation-driven environment offer unparalleled opportunities for businesses and investors in the cryptocurrency sector,"saidHelen Liu, Chief Operating Officer of Bybit."With its robust regulatory framework and commitment to becoming a blockchain capital,Dubaiis the ideal place to advance digital currencies and foster growth in this exciting industry."

#Bybit / #TheCryptoArk

About Bybit

Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One's reigning Constructors'and Drivers'champions: the Oracle Red Bull Racing team.

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