Bybit gains provisional approval in Dubai for crypto services

On September 16, 2024, Bybit, a leading cryptocurrency exchange, received Provisional (Non-Operational) Approval for a Virtual Asset Service Provider license in Dubai. This approval allows Bybit to offer virtual asset exchange services to retail, qualified investors, and institutional users, marking a significant step towards achieving full operational approval in the region. The approval reflects Bybit's commitment to compliance with the high standards set by the Dubai Virtual Assets Regulatory Authority (VARA). Bybit's establishment of its international headquarters in Dubai in 2022 has strengthened its ties with the city, which is becoming a hub for cryptocurrency and blockchain innovation. The company has renewed its partnership with the Dubai Multi Commodities Crypto Centre, transitioning to an advisory role that enhances its influence in the local crypto ecosystem. This collaboration is part of Bybit's broader strategy to contribute to Dubai's growing Web3 industry. In addition to regulatory advancements, Bybit is actively involved in various initiatives, including the launch of the Blockchain for Good Alliance, which aims to leverage blockchain technology for social and environmental challenges. The company is also set to introduce the Crypto Content Creator Campus in November, targeting key opinion leaders in the crypto space. Helen Liu, Bybit's COO, emphasized Dubai's strategic advantages, including its progressive policies and innovation-driven environment, which provide significant opportunities for growth in the cryptocurrency sector. Bybit's efforts align with Dubai's vision of becoming a global blockchain capital, fostering a robust ecosystem for digital currencies.