Bybit Becomes First Crypto Exchange to Secure UAE License
- Bybit has obtained a Virtual Asset Platform Operator License from the Securities and Commodities Authority (SCA) of the UAE.
- This makes Bybit the first cryptocurrency exchange to receive this full license from the SCA.
- The exchange will provide regulated virtual asset trading, brokerage, custody, and fiat conversion services in the UAE.
- Bybit plans to establish a regional operations center in Abu Dhabi with over 500 employees across Abu Dhabi and Dubai.
- Earlier this year, Bybit also received a Markets in Crypto Assets (MiCA) license and resumed trading operations in India.
The SCA’s licensing allows Bybit to operate beyond Dubai’s VARA framework, enhancing its regulatory compliance across the UAE mainland. This move is seen as part of Bybit’s strategy to build trust through compliance and transparency in the cryptocurrency market.
Bybit’s new license enables it to expand its services significantly within the UAE, where it aims to hire over five hundred staff members for local operations.(Source)
