Bybit, the prominent crypto exchange, has secured Provisional Approval for its VARA license from the Virtual Assets Regulatory Authority. While currently inoperational, the license will enable ByBit to keep itself out of any regulatory troubles and operate along the lines of compliance. This is a major step for the largest crypto exchange by trading volume as it will ensure ByBit’s smooth operation in Dubai’s cryptocurrency landscape.
ByBit set up its first crypto exchange in Dubai in 2022 and the collaboration with VARA will help the CEX pave the way to launch their services for all Dubai-based retail, licensed, and institutional investors.
ByBit has also officially renewed its partnership with the Dubai Multi Commodities Crypto Centre, a hub that helps develop and accelerate crypto adoption and provides a free economic zone for companies based in the UAE. Helen Lieu, the Chief Operating Officer of ByBit acknowledged the growing blockchain adoption in Dubai and praised the “progressive qualities” that Dubai brings for crypto and blockchain-based organizations. Lieu stated, “With its robust regulatory framework and commitment to becoming a blockchain capital, Dubai is the ideal place to advance digital currencies and foster growth in this exciting industry.”
ByBit is also gearing up for newer projects in the crypto ecosystem such as the Crypto Content Creator Campus in Dubai, set to launch in November. The crypto exchange has also recently announced a substantial sponsorship of Blockchain for Good Alliance (BGA), an initiative that ties Web3 and social impact together for a greater good, at Blockchain Life 2024.