The current licensing situation in Dubai only allows Bybit to cater to a limited set of accredited investors, according to the CEO of the global cryptocurrency exchange. Bybit, which already conducts operations in Dubai, is striving to gain a comprehensive market product license in the region, enabling them to serve a more extensive customer base in the United Arab Emirates.

Bybit’s subsidiary, Bybit FinTech FZE, revealed on June 27 that it had secured the Minimum Viable Product (MVP) preparatory license from Dubai’s Virtual Assets Regulatory Authority (VARA). Bybit’s CEO, Ben Zhou, expressed his optimism about their progression, given VARA’s demonstrated enthusiasm for innovation and entrepreneurship.

Zhou elaborated that upon acquiring the full license in Dubai, Bybit intends to operate a comprehensive digital asset exchange, offering a variety of services permissible under the license. As indicated by VARA, these services encompass advisory, broker-dealer, custody, and exchange services, lending and borrowing, payment and remittance services, and investment services.

Zhou emphasized Dubai’s egalitarian business environment, accommodating enterprises of all scales and sectors. He appreciated the active efforts of the UAE and Dubai towards regulatory transparency and investor protection. Zhou further noted:

“Dubai’s forward-thinking mentality is appealing to investors and funds seeking to participate in the digital economy, making it an ideal location for Bybit. The adaptable virtual asset market model that Dubai offers makes it an attractive proposition for foreign direct investments.”

The revelation of Bybit’s regulatory advances follows shortly after the company established its new headquarters in Dubai in April 2023. Bybit had previously been granted VARA’s in-principle approval in April 2022.

Bybit’s global expansion strategy has been notably aggressive. On June 26, Bybit announced its newly acquired license to function as an exchange and custody service in Cyprus, thereby enabling it to facilitate trading between cryptocurrency and fiat currency pairs. Earlier in May, Bybit had also received pre-approval in Kazakhstan to operate as a digital asset trading facility and custody service provider.

Zhou acknowledged the varying receptivity towards their operations across different jurisdictions. He stated, “It’s evident that certain jurisdictions, like Kazakhstan and Cyprus, are more accommodating, having recently granted us full operational licenses.” He added that Bybit is keenly observing developments in key jurisdictions, including the United Kingdom, Hong Kong, and the European Union.