- Bybit secures the MVP Preparatory License from Dubai’s Virtual Assets Regulatory Authority (VARA).
- This License showcases significant progress, but doesn’t allow Bybit to launch virtual asset operations in Dubai just yet.
- Bybit’s CEO acknowledges the pivotal role Dubai plays in the global financial innovation and digital assets landscape.
Bybit FinTech FZE, the subsidiary of the renowned global crypto exchange Bybit, today proudly revealed that it has been awarded the Minimum Viable Product (MVP) Preparatory License by Dubai’s Virtual Assets Regulatory Authority (VARA). This development follows the Provisional License that was bestowed upon the company back in March 2022.
Bybit’s accomplishment in securing the MVP Preparatory License is a testament to the significant strides the company is making towards establishing a foothold in Dubai. The city being a jurisdiction that stands at the forefront of global financial innovation and the burgeoning digital assets space.
While this License does not permit Bybit to kickstart virtual asset operations in the Emirate immediately, it marks substantial progress in the direction of securing the green light from VARA for operational authorization. Ben Zhou, the co-founder and CEO of Bybit, expressed his deep gratitude to VARA and reflected on the significance of this development. He stated,
“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.”
Bybit is a leading player in the cryptocurrency exchange industry. This license signals its intentions to expand its operations in a region that is fast becoming a nexus for digital asset innovation and growth.
With this MVP Preparatory License, Bybit demonstrates not only its hard work and dedication but also its strong commitment to compliance and regulatory standards. As Dubai continues to solidify its position as a global hub for financial innovation, companies like Bybit are eagerly laying the groundwork for their participation in this evolving market.