Bybit Secures First VAPO License in UAE, Enhancing Digital Asset Landscape
- Bybit is the first cryptocurrency exchange to obtain a Virtual Asset Platform Operator (VAPO) license from the UAE’s Securities and Commodities Authority (SCA).
- This license enables Bybit to offer a full range of products and services legally within the UAE.
- The company plans to expand operations in Abu Dhabi, establishing a regional hub and launching educational initiatives.
- Earlier this year, Bybit also secured preliminary approval from SCA and has obtained a MiCA license in Europe.
- Co-founder Ben Zhou highlighted the achievement as a commitment to trustworthiness and transparency in crypto regulation.
Bybit’s acquisition of the VAPO license is pivotal for its operations in the UAE, reinforcing the region’s status as a global leader in digital asset regulation. This move reflects Bybit’s dedication to compliance and operational transparency while enhancing its service offerings.
With this new license, Bybit can now operate fully within local laws, marking a significant advancement for both the exchange and the UAE’s digital asset ecosystem. (Source)
