Bybit Becomes First to Obtain Virtual Asset License in UAE
Bybit Achieves Historic Licensing Milestone in UAE
In a noteworthy development in the cryptocurrency landscape, Bybit has announced the acquisition of the Virtual Asset Platform Operator License from the Securities and Commodities Authority (SCA) of the United Arab Emirates (UAE). This remarkable achievement marks Bybit as the first cryptocurrency exchange to secure a full operational license from the SCA and exemplifies the UAE's commitment to establishing itself as a leading global hub for digital assets.
UAE's Commitment to Digital Assets
The SCA’s issuance of this license signifies a significant commitment to regulatory frameworks supporting digital assets. Bybit’s compliance with these strict guidelines showcases its dedication to providing safe and trustworthy trading environments for users. This move not only affirms the company's operational capabilities but also reinforces its status as a reliable platform operating within a robust regulatory framework.
Trust and Compliance at the Core of Bybit
Ben Zhou, the Co-founder and CEO of Bybit, highlighted the importance of this licensing achievement. He stated, "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." This reflects a broad industry shift towards regulatory adherence that enhances consumer confidence and promotes responsible trading within the ever-evolving digital asset space.
Expanding Services Under New License
With the newly acquired license, Bybit is set to offer various regulated services, including virtual asset trading, brokerage, custody, and fiat conversion. Bybit aims to attract both retail and institutional clients across the UAE by establishing a firm operational base, which includes plans for a regional operations center in Abu Dhabi.
Strategic Growth Plans in the UAE
Additionally, Bybit is dedicated to expanding its workforce in the region, planning to onboard more than 500 employees across Abu Dhabi and Dubai. This not only indicates the company's expanding influence in the Emirates but also reaffirms its commitment to local talent and the growth of expertise within the digital asset ecosystem.
Community and Educational Outreach
In conjunction with its expansion plans, Bybit is also set to introduce educational programs focused on Web3 innovation in collaboration with local partners. By making substantial investments in local initiatives and talent, Bybit is positioning itself as a pivotal player in fostering growth within the UAE's digital finance sector.
Bybit’s Vision and Future
Founded in 2018, Bybit has quickly risen to become the second-largest cryptocurrency exchange by trading volume worldwide, serving a diverse community of over 60 million users. The exchange is committed to redefining financial openness through innovation and strategic partnerships, thereby enriching the digital asset landscape.
As Bybit continues to expand globally — having recently secured its MiCAR license in May and resuming full operations in additional markets — the company’s roadmap for compliance-first growth is clear. Bybit is dedicated to setting benchmarks that enhance security standards and offer users a reliable trading experience.
Frequently Asked Questions
What is Bybit's recent achievement in the UAE?
Bybit has achieved the first-ever Virtual Asset Platform Operator License from the Securities and Commodities Authority (SCA) of the UAE.
Why is this license significant for Bybit?
This license establishes Bybit’s compliance with stringent local regulations, enabling it to operate fully in the UAE market and symbolizing trust and transparency.
What services will Bybit offer under this new license?
Bybit will provide regulated trading, brokerage, custody, and fiat conversion services to retail and institutional clients across the UAE.
What expansion plans does Bybit have in the UAE?
Bybit plans to establish a larger regional operations center in Abu Dhabi, intending to employ over 500 staff while launching educational programs for Web3 innovation.
How does Bybit contribute to the local digital asset ecosystem?
Through investments in talent and infrastructure, Bybit aims to stimulate innovation and establish a sustainable digital asset framework in the UAE.
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