- Bybit attains full UAE license for regulated crypto services.
- First nationwide approval for virtual asset operations.
- Plans include a major regional headquarters expansion.
Bybit has secured a full Virtual Asset Platform Operator License from the UAEโs SCA, allowing it to offer regulated virtual asset services nationwide. This feat positions Bybit ahead of competitors like Binance and OKX, which are restricted to Dubaiโs VARA jurisdiction.
This licensing of Bybit by UAEโs SCA signifies a pivotal shift in the regulated crypto space, potentially spurring broader institutional participation and market growth.
Bybit, co-founded by Ben Zhou, received a full Virtual Asset Platform Operator License from the UAEโs SCA. This landmark approval enables Bybit to offer regulated virtual asset trading, custody, and brokerage services nationwide. The company intends to enhance its regional presence by expanding its headquarters in Abu Dhabi, hiring over 500 local staff. Ben Zhou highlighted:
The UAEโs clear regulatory direction and commitment to innovation have set a strong foundation for responsible crypto growth.
This development impacts both retail and institutional customers, offering increased trust and security within the UAE crypto market. Such transparency is expected to drive institutional engagement and broaden user trust. Historical parallels, like Coinbaseโs regulation in US/EU markets, suggest an uptick in user participation and asset inflows. Market observers predict intensified institutional activity, potentially enhancing liquidity and market dynamics for assets like BTC and ETH. This initiative could spark further regulatory clarity and compliance efforts in other regions. Bybitโs success may inspire similar regulatory paths for crypto companies elsewhere, stimulating wider acceptance of virtual assets.
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Bybit Secures Full UAE Virtual Asset License from SCA
Bybit gains UAE SCA approval, expanding regulated crypto services across the nation.
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