ByBit, one of the largest cryptocurrency exchanges in the world, has become the first exchange to receive an SCA license in the UAE. The crypto platform is officially licensed by the UAE Securities and Commodities Authority (SCA) to operate as a Virtual Asset Platform Operator. Under the SCA’s Virtual Asset Platform Operator License, Bybit will offer regulated virtual asset trading, brokerage, custody, and fiat conversion services in the UAE.
“Receiving the full Virtual Asset Platform Operator License from the SCA is a testament to Bybit’s unwavering commitment to building trust through compliance and transparency,” Ben Zhou, Co-founder and CEO of Bybit, said in a statement. “The UAE has emerged as a global leader in digital asset regulation, and this recognition underscores the strength of our security and governance standards.”
ByBit Gets SCA Approval in UAE
Bybit initially received its In-Principle Approval (IPA) from the SCA in February 2025 with the help of the Blockchain Centre, Abu Dhabi, in navigating SCA’s framework. Earlier this year, Bybit snagged a Markets in Crypto Assets (MiCA) license, and the firm also resumed full trading operations in India in September. “Receiving the full Virtual Asset Platform Operator License from the SCA is a testament to Bybit’s unwavering commitment to building trust through compliance and transparency,” added Bybit CEO Zhou in Thursday’s statement.
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Multiple crypto firms with operations in Dubai are regulated under the VARA framework. However, SCA regulation is wider in scope as it applies to the UAE mainland, and applies to entities outside Dubai’s jurisdiction under VARA. With the new SCA license, ByBit can offer regulated virtual asset trading, brokerage, custody, and fiat conversion services to both retail and institutional clients across the UAE.
Amid sweeping changes in the regulation of crypto worldwide, the UAE has become a hub for crypto enthusiasts to operate. Bybit’s regulatory milestone represents a contrast to the adversarial regulatory environments in the U.S. and parts of Asia, signaling that the Middle East continues to emerge as a hub for compliant crypto growth and adoption. The US and other countries in the West/Europe are also becoming more welcoming, but the UAE has been a staple in crypto for years.