As digital assets face hostility in the West, the Middle East has become an attractive destination for numerous cryptocurrency businesses. Dubai, in particular, has emerged as a prominent hub, attracting a multitude of platforms. Following suit, Bybit, a well-known crypto exchange, recently announced that it has obtained a license in the region.
The crypto exchange disclosed that it successfully obtained the Minimum Viable Product [MVP] Preparatory License from Dubai’s Virtual Assets Regulatory Authority [VARA]. This development followed its previous acquisition of the Provisional License in March 2022.
However, it is important to highlight that Bybit is not yet authorized to commence operations in Dubai. The acquisition of the Preparatory License showcases the substantial progress made toward securing operational permission from VARA. Nevertheless, Ben Zhou, co-founder and CEO of Bybit said,
“We consider the receipt of this license to be a significant milestone that acknowledges the hard work, dedication, and strong commitment to compliance exhibited by our team.”
Earlier this month, OKX, another prominent crypto exchange, successfully secured its MVP Preparatory License in Dubai.
Bybit’s big leap into Dubai
It is worth noting that the exchange established its new headquarters in Dubai in April. Bybit made the strategic decision to expand into the region due to a significant 50% increase in its user base. Further commenting about the exchange’s latest venture the CEO added,
“We would like to express our gratitude to VARA for their careful consideration of our application and for granting us the MVP Preparatory License. We consider the receipt of this license to be a significant milestone that acknowledges the hard work, dedication, and strong commitment to compliance exhibited by our team.”
Bybit seems to have expansion plans in motion, as it recently obtained a license for crypto exchange and custody services in Cyprus. This move comes after the exchange decided to withdraw from the Canadian market.