On June 27th, Bybit FinTech FZE, a subsidiary of global exchange Bybit, Announced that it has received a Minimum Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA).
Bybit CEO Ben Zhou said the exchange is working hard to fully license its products in the Dubai market. This will enable full operations with clients in the United Arab Emirates.
“Bybit is already operating in Dubai. The MVP license allows Bybit to only serve a pool of accredited investors,” Zhou said.
“I feel good about our progress as VARA has shown interest and passion for innovation and entrepreneurship,” he said.
Once fully licensed in Dubai, Bybit plans to operate a fully-fledged digital asset exchange according to “All the services available in the license,” said the CEO, whichfollowAccording to VARA’s official data, such services include consultants, broker-dealers, custody and web trading services, lending services, payment and remittance services. and investment services
“Dubai is a level playing field for businesses of all sizes and sectors,” he said, adding that the UAE and Dubai are actively working to achieve regulatory clarity. At the same time, it also supports investor protection.
Bybit’s latest regulatory developments come shortly after the company.openNew headquarters in Dubai in April 2023 and the company was previously approved in principle by VARA in April 2022.
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