UAE - Bybit, the second-largest cryptocurrency exchange by trading volume on the global level, was granted a provisional (non-operational) approval from the Virtual Assets Regulatory Authority (VARA) to operate as a Virtual Asset Service Provider (VASP) for Virtual Asset Exchanges services in Dubai, according to a press release.

The platform will accordingly operate as VASP for retail, qualified investors, and institutional users; a step that cements the relationship between Bybit and Dubai which is the location of the company’s global headquarters (HQ).

Chief Operating Officer (COO) of Bybit, Helen Liu, said: “Dubai's strategic location, progressive policies, and innovation-driven environment offer unparalleled opportunities for businesses and investors in the cryptocurrency sector.”

The VASP license is crucial for Bybit in its journey to secure a full operational approval in Dubai while underscoring its commitment to compliance and adherence to VARA’s high standards.

Liu concluded: “With its robust regulatory framework and commitment to becoming a blockchain capital, Dubai is the ideal place to advance digital currencies and foster growth in this exciting industry.”

Bybit established its international HQ in 2022 and recently renewed its partnership with the Dubai Multi Commodities Crypto Centre (DMCC).

In addition, the company is launching different industry projects like the Crypto Content Creator Campus for KOLs in the crypto industry, which is set to launch in Dubai this November.

Last year, Bybit was granted a licence to operate a crypto exchange and offer custody services in Cyprus.

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