Cryptocurrency exchange Bybit already operates in Dubai, but its CEO said the current license does not allow the company to serve all customers.
On June 27, Bybit FinTech FZE, a subsidiary of the global exchange Bybit, announced that it has obtained the minimum viable product (MVP) preliminary license issued by the Dubai Virtual Assets Regulatory Authority (VARA).
In an interview with Cointelegraph, Bybit CEO Zhou Ben said that the exchange is working on obtaining a full market product license in Dubai, which will allow the exchange to operate for a full range of clients in the United Arab Emirates.
“Bybit already operates in Dubai; the MVP license only allows Bybit to serve a very limited number of qualified investors,” Zhou said.
“I am positive about our progress, as VARA has shown interest and enthusiasm for innovation and entrepreneurship,” he said, adding that the agency has been actively seeking feedback from entrepreneurs.
Once fully licensed in Dubai, Bybit plans to operate a full-fledged digital asset exchange offering “all the services available under that license,” the CEO said. according to According to official VARA data, such services include advisory, broker-dealer, custody and exchange services, lending, payment and remittance services, and investment services.
“Dubai provides a level playing field for businesses of all sizes and sectors,” Zhou said, adding that the UAE and Dubai have been actively working to provide regulatory transparency while advocating for investor protection. He added:
“The emirate’s future-proof mentality helps attract investors and funds looking for a place in the digital economy, which is why it’s the perfect location for Bybit’s (…) ‘Test-Fit-Scale’ virtual asset market Modeling sets out an attractive proposition for foreign direct investment.”
Bybit’s latest regulatory developments follow Open A new headquarters will be established in Dubai in April 2023. The company previously received approval-in-principle from VARA in April 2022.
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The news comes as Bybit is aggressively working with regulators to expand its global reach. On June 26, Bybit said it received a license to operate as a trading and custody service in Cyprus, enabling it to begin offering trading between cryptocurrency and fiat currency pairs. In May of this year, Bybit also received pre-approval from Kazakhstan to operate as a digital asset trading facility and custody service provider in the Astana International Financial Center.
“You definitely feel that certain jurisdictions are more popular than others. For example, Kazakhstan and Cyprus recently gave us full licenses to operate,” Zhou said.
The CEO added that Bybit is also closely monitoring developments in key jurisdictions such as the UK, Hong Kong and the EU.
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