Bybit Exchange Bags In-principle Approval From Dubai SCA

Bybit, a prominent cryptocurrency exchange, has made headlines with its in-principle approval from the Securities and Commodities Authority (SCA) of the United Arab Emirates (UAE) to operate as a “Virtual Asset Platform Operator.” According to the announcement, this approval marks a significant milestone in Bybit’s expansion into the UAE.

Bybit Continuous Expansion

With this in-principle approval, Bybit is officially recognized by the SCA. This approval demonstrates the platform’s compliance with the country’s evolving regulatory framework for digital assets. Meanwhile, Bybit is on track to obtain a fully operational license from the SCA. 

With the license, Bybit will offer several digital asset services to retail and institutional clients in Dubai. These include trading, asset management, and other crypto-related services, expanding Bybit’s presence in the region.

The decision to approve Bybit is part of the UAE’s broader strategy of becoming a global hub for virtual assets and blockchain technology. Likewise, Bybit’s expansion aligns with its vision of becoming a leading provider of cryptocurrency services worldwide. 

Recall that the exchange also applied for a license in Hong Kong last year to operate as a virtual asset trading platform (VATP). Bybit’s application highlights the importance of obtaining a VATP license in Hong Kong. The city’s strategic location and well-established financial infrastructure are conducive to its operations and clientele base.

ByBit Secures Provisional License From Dubai

As reported by TheCoinRise, Bybit also secured a provisional license from Dubai’s Virtual Asset Regulatory Authority (VARA) in September 2024. Notably, the non-operational license shows the company’s efforts to expand its global footprint. It also aligns with Dubai’s vision of becoming a leading hub for blockchain technology and digital assets.

Meanwhile, the license allows Bybit to provide virtual asset exchange services to retail and institutional investors in Dubai. 

Although it remains a non-operational license for now. This means that Bybit needs to work to obtain a full operational license before it can fully roll out its services in the region.

UAE, a Trending Country for Fund Growth

In recent years, the United Arab Emirates has become a top choice for investment, attracting investors and entrepreneurs worldwide. The UAE is well-known for welcoming businesses, setting a spot on the map worth considering, and engaging in various economic activities.

Kalpesh Patel, a genuine visionary in the investment field, discussed the UAE and the tendency to turn to the jurisdiction for growing business. From experience, Patel emphasized the UAE regulatory framework developed by major entities, such as the SCA, FRSA, and DFSA.

He also applauded the stable political climate the UAE is working to provide, along with tax incentives and diverse investment avenues. All these have increased the UAE’s appeal to new or seasoned entrepreneurs and investors.