Cryptocurrency exchange ByBit has been granted a provisional license by the Dubai Cryptocurrency Regulatory Authority.
According to September 16 advertisementBybit has been granted provisional approval to obtain a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA), completing the first step before it is issued a full operating license.
As part of the approval process, Bybit underwent a detailed review to ensure compliance with the standards set by the Dubai Cryptocurrency Regulatory Authority.
Helen Liu, CEO of Bybit, noted that Dubai’s “strategic location, progressive policies and innovation-driven environment” provide a thriving market for cryptocurrency companies. She added that Dubai’s “robust regulatory framework” and “strong commitment to becoming the capital of blockchain” make it the ideal place “for the development of digital currencies.”
Bybit first entered Dubai, having established its international headquarters in 2022, and has since been involved in several initiatives focused on promoting the cryptocurrency and Web3 sector. The exchange recently renewed its partnership with the Dubai Multi Commodities Centre, a free trade zone, to promote the development of the Web3 ecosystem as an advisor.
The move comes as part of Bybit’s global expansion efforts. Earlier this month, the exchange received official approval from the Astana Financial Services Authority, which will allow it to obtain a license to operate in Kazakhstan. Prior to that, the exchange received a Virtual Asset Service Provider license from the General Inspectorate of Justice in Argentina.
Dubai has been actively working to cement its position as a global leader in cryptocurrencies with several recent moves. Bybit’s announcement comes on the heels of Bybit’s recent announcement deal An agreement was signed between the UAE Securities and Commodities Authority and the Cryptocurrency Market Regulatory Authority on September 9, allowing licensed cryptocurrency exchanges in Dubai to offer their services across the country.
Additionally, the agreement comes on the heels of a landmark ruling by the Dubai Court of First Instance, which recognized cryptocurrencies as a valid form of salary payment. The court’s decision, which was issued in a case involving an employee’s unpaid wages in the form of EcoWatt tokens, upheld the use of cryptocurrencies in employment contracts, obligating the employer to honor the agreed payment in the form of tokens, thus confirming the legitimacy of cryptocurrencies in such agreements.
In related news, cryptocurrency exchange Binance has also been granted a VASP license from VARA in June 2024.
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