Bybit gets a provisional crypto license in Dubai, which makes its presence in the region stronger.
Bybit, one of the biggest cryptocurrency platforms in the world, reached a major milestone when it got a temporary license from the Virtual Asset Regulatory Authority (VARA) in Dubai. Bybit set up its offices in Dubai just two years ago, and this non-operational license is a big step toward its goal of getting all of its licenses in the area.
Helen Liu, Chief Operating Officer of Bybit, talked about how important Dubai’s regulations are, saying, “Dubai’s strategic location and forward-thinking policies create an unmatched opportunity for cryptocurrency businesses.” It’s the perfect spot for Bybit as we continue to grow around the world.
Dubai’s growing role in the cryptocurrency market
Dubai has become a global hub for bitcoin and blockchain businesses in recent years, thanks to its clear rules and open-minded attitude. Bybit’s provisional license is the first step toward getting full operating approval, which will let it serve both individual and large clients in Dubai. According to the company, it is optimistic about its future in the area and wants to keep growing.
Bybit has been growing its business in the Middle East and North Africa (MENA) region since moving its base there in 2022. The exchange renewed its relationship with the Dubai Multi Commodities Crypto Centre (DMCC) not long ago, moving up from being an ecosystem partner to a key advising role. Bybit is committed to helping Dubai reach its goal of becoming a global blockchain hub, as shown by this relationship.
Getting to the top of the market for coin exchanges
With over $16 billion in derivatives trading every 24 hours, Bybit is the world’s second-largest crypto market when it comes to dealing these types of contracts. Only Binance has done better, and this makes Bybit an even bigger player in the global crypto market. But since FTX went down, the exchange’s growth has been especially noticeable, with Bybit quickly gaining market share.
As long as Bybit keeps working to get a full operating license and strengthens its relationships in Dubai, it will be a key player in the city’s growing blockchain economy. Major crypto players are continuing to flock to Dubai, and Bybit’s arrival is expected to make the area even more of a leader in the global digital economy.
