After obtaining licenses in Cyprus and Kazakhstan and having exited Canada, the cryptocurrency exchange Bybit continues its organizational redevelopment. Since announcing in April that it established its main global headquarters in Dubai, it has now obtained one of the local licenses to provide cryptocurrency services.
Bybit Acquires MVP License in Dubai
Bybit FinTech FZE, a branch of Bybit operating in the Middle East, announced yesterday (Tuesday) that the Dubai-based Virtual Assets Regulatory Authority (VARA) granted it a preliminary Minimum Viable Product (MVP) licence.
Under this license, Bybit can provide services to customers in Dubai, but only for a very narrow and limited group. It will only be able to fully present its offering to customers from the United Arab Emirates (UAE) after it received the full authorization
Although Bybit's current operational capabilities in the country are 'very restricted', the exchange's CEO, Ben Zhou, looks positively to the future and claims that VARA wants to support innovation and entrepreneurship in the cryptocurrency sector.
When the exchange obtains a full license, it wants to provide all possible cryptocurrency services permitted by local law. VARA allows companies to provide services in the areas of advisory, trust, loans, payments, investments, money transfers, and brokerage.
“We would like to express our gratitude to VARA for their careful consideration of our application and for granting us the MVP Preparatory License. This is a crucial step forward for Bybit in the UAE, as Dubai plays a pioneering role in advancing the world's development of financial innovation and digital assets,” Zhou 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.”
???? #Bybit has been Granted MVP License from Dubai’s Virtual Assets Regulatory Authority. Dubai's pioneering role in driving financial innovation and digital assets makes this a significant stride forward for Bybit.???? Read more here: https://t.co/BdL4l9CdFm#TheCryptoArk
— Bybit (@Bybit_Official) June 28, 2023
Bybit began its journey in the UAE market over a year ago. Yet in March 2022, it obtained in-principle approval to operate in this region. In April 2023, it also decided to move its main headquarters there. Currently, it is located in One Central at the Dubai World Trade Center, occupying a 16,000-square-foot open space with views of the city's iconic landmarks.
Along with the information about changing the main headquarters, Bybit reported an increase of 50% in its customer base.
Bybit Changes Its Regulatory Areas
As mentioned in the introduction, Bybit's recent moves clearly aim to change the exchange's existing regulatory environment. In addition to moving to Dubai and obtaining an MVP license, the exchange obtained temporary permission to operate in Kazakhstan.
The country, which is associated with cryptocurrency enthusiasts mainly with cheap energy used by digital asset mines, is supposed to be a 'gateway' to the CIS region for the company. The CIS is a regional intergovernmental organization created after the collapse of the Soviet Union. It represents a lively market for the adoption of digital assets and is a promising center for cryptocurrencies.
Also, in May, Bybit decided to exit Canada, following in the footsteps of Binance. Since May 31, the exchange has no longer accepted new customers from Canada due to the 'recent regulatory developments'.
Earlier this week, the platform announced it had obtained a new European license. From now on, Bybit is an authorized company by Cypriot CySEC, so it can provide its services across the entire Old Continent.
According to the regulator's register, the license was granted to the Lithuanian company UAB Onlychain Fintech Limited in May 2023.
"This landmark is a testament to Bybit's commitment to adhering to robust regulatory frameworks while expanding our global presence. We look forward to bringing the Crypto Ark to Cyprus," Zhou commented.
This article was written by Damian Chmiel at www.financemagnates.com.
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