Bybit, a leading crypto exchange, has been granted a license to operate in Dubai. The license is a step towards Bybit’s goal of serving a wider range of consumers in the United Arab Emirates.
Bybit CEO Ben Zhou is confident that Bybit will be granted a full-market product license in Dubai. He believes that the license will allow Bybit to serve a wider range of consumers in the United Arab Emirates and help to grow the crypto industry in the region.
Zhou stated, Bybit already has a base of operations in Dubai, and the MVP license only enables it to provide services to a very small number of qualified investors.
Bybit is making a big move into Dubai, with plans to launch a full-service digital asset exchange that offers a wide range of products and services.
The VARA will oversee the exchange, which includes services including lending and borrowing, broker-dealer, custody and exchange, payment and remittance, and investment counseling.
Bybit CEO Ben Zhou praised the United Arab Emirates and Dubai for their commitment to regulatory clarity and investor protection. He noted that the recent granting of a preparatory license to Bybit is a sign of the UAE’s willingness to embrace the crypto industry.
Bybit’s recent announcement of its new license in Cyprus is the latest in a series of regulatory wins for the company.