Bybit FinTech FZE, a subsidiary of Bybit, one of the world's leading crypto exchanges, announced today that it has been granted a Minimum Viable Product (MVP) Readiness License by Dubai's Virtual Assets Regulatory Authority (VARA), following the Temporary License it received in March 2022.
Bybit Awarded MVP License from Dubai Virtual Assets Regulatory Authority
The Foundation License does not yet allow Bybit to start virtual asset operations in the Emirate of Dubai, but showcases the significant progress made in obtaining operational clearance from VARA.
Bybit's latest regulatory developments come shortly after the company opened its new headquarters in Dubai in April 2023. The company had previously received the principle approval of VARA in April 2022.
Bybit CEO Ben Zhou said the exchange is working hard to obtain a full market product license in Dubai, which will allow the exchange to operate for the entire range of clients in the United Arab Emirates.
“We see the acquisition of this license as an important milestone, affirming the strong commitment to hard work, dedication and compliance displayed by our team,” he said.
Bybit made the following statements in its announcement:
“We would like to express our gratitude to VARA for carefully considering our application and awarding us an MVP Foundation License.
This is a very important step for Bybit in the UAE as Dubai plays a leading role in advancing financial innovation and the development of digital assets around the world.”
*Not investment advice.