Crypto Exchange Bybit receives provisional crypto license from Dubai Regulator
The second-largest cryptocurrency exchange by trading volume Bybit revealed Monday that it has secured a provisional crypto license that allows it to offer limited products and services to qualified investors in Dubai.
This license demonstrates Bybit's dedication to compliance and adherence to VARA's high standards and represents a significant turning point in the company's journey towards obtaining full operational approval in Dubai, the company said in a statement.
To properly fulfill the requirements for the provisional approval, Bybit and the regulator engaged in a constructive dialogue.
Helen Liu, CHRO of Bybit, emphasized in the post that Dubai is the main place to develop digital currencies and promote expansion in this exciting sector because of its strong regulatory environment and dedication to becoming a blockchain capital. There are unmatched opportunities for businesses and investors in the cryptocurrency sector in Dubai due to its strategic location, progressive policies, and innovation-driven environment.
This news comes after two years of setting up its headquarters in the city. In 2022, Bybit opened its global headquarters in Dubai. More recently, the company extended its collaboration with the Dubai Multi Commodities Crypto Centre (DMCC). Bybit strengthened its position as a major player in Dubai's booming Web3 and cryptocurrency industries by moving from a major ecosystem partner to an advisory role with DMCC Crypto Hub.
At Blockchain Life in April in Dubai, Bybit also officially announced its major sponsorship of the Blockchain for Good Alliance (BGA), a non-profit that works with a network of projects, individuals, and organizations committed to using blockchain technology to solve global social, economic, and environmental challenges.
The post also said that Bybit is starting a number of industry initiatives. For example, the Crypto Content Creator Campus for Key Opinion Leaders in the crypto space will open in Dubai in November.
The crypto exchange wrote to customers in France on August 1st that it will shut down operations in the country starting on August 13th. According to the company, it said that following recent regulatory actions by the French regulator, Bybit will no longer offer its products and services to French citizens and residents ("French Users").
Based on 24-hour derivatives volume, Bybit is the second-largest cryptocurrency exchange globally, with over $15.8 billion in derivatives volume on September 16—behind only Binance's $38.5 billion, as per CoinMarketCap data.
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