Bybit is one of the most popular cryptocurrency exchanges worldwide. It has recently received a license from VARA, the Dubai-based Virtual Asset Regulatory Authority. This feat comes just two years after Bybit set up its headquarters in the city and puts it on the path toward attaining VASP status in the area. It also should be noted that last year the exchange received a preliminary MVP license from VARA, proving its conformity to the requirements of Dubai cryptocurrency regulation.
Strengthening Dubai Presence — Crypto Trading License UAE
However, the provisional license even though it is non-operational shows that Bybit has made a significant step in expanding its operations in Dubai. “Dubai has a unique advantage in its location, liberal policies, and an environment that continues to encourage innovations in businesses and investments in the cryptocurrency market,” Bybit COO Helen Liu said. Due to its compliance and absorption to the regulation of the country Dubai has become an ideal location for the company.
Depending on their type, centralized crypto exchanges are choosing the Middle Eastern nation as their home kit; many of the leading crypto brands such as Binance, and Crypto. com, and Blockchain. com., all of which have obtained licenses within this jurisdiction. Formed in 2021 under the Dubai Virtual Asset Regulation Law, VARA has established clear rules for this growth and Bybit’s provisional license is consistent with the vision of Dubai to act as a pioneer in the sphere of the digital asset.
In parallel, the firm has expanded its Dubai operations to become an advisor for the DMCC as well as transforming from being an ecosystem partner in this city.
A Major Player in the Crypto Space — Bybit provisional crypto license Dubai
The performance of Bybit in the global market for cryptocurrencies remains impressive as it continues to show. According to Coinmarketcap. at the ai com, the exchange deals more than 3. A day before this news, Binance claimed to have processed more than $8 billion worth of crypto trading volume within the last 24 hours, and its derivatives volume was higher than $16. It would now control $2 billion in assets, making it the world’s second-largest exchange after Binance.
In a report from Kaiko, Bybit has the highest growth rate among the leading exchanges, growing from 8% in October 2023 to 16% in June 2024. This growth is higher if we compare it with its competitor Coinbase which expanded its share from 7% to 8% during the same time. On the other hand, Binance had a lower market share in the analyzed month, occupying 60 percent in October and 54 percent in June.
Bybit has a provisional crypto license in Dubai and since the city plans to become a world hub for blockchain and cryptocurrencies, this paves the way for more growth for Bybit and the industry in general.
