Bybit has secured a provisional (non-operational) approval for a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA).
The crypto exchange is now closer to being able to provide virtual asset exchange services for retail, qualified investors, and institutional users in Dubai, the location of the company’s global headquarters.
“Dubai is the ideal place to advance digital currencies and foster growth in this exciting industry”
Helen Liu, Chief Operating Officer of Bybit, said: “Dubai’s strategic location, progressive policies, and innovation-driven environment offer unparalleled opportunities for businesses and investors in the cryptocurrency sector. 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 expects to be granted full Operational Approval in the jurisdiction soon, once the thorough licensing process is completed. The digital asset exchange has been engaged in a constructive dialogue with the regulator to meet the requirements for the Provisional Approval effectively.
Dubai has been Bybit’s international headquarters since 2022 as the jurisdiction increasingly becomes one of the top financial hubs in the world and established a clear regulatory framework for the emerging industry.
Bybit secured advisory role with DMCC Crypto Hub
Bybit recently renewed its partnership with the Dubai Multi Commodities Crypto Centre (DMCC) as the firm transitioned from a key ecosystem partner to an advisory role with DMCC Crypto Hub. From August 2024 to July 2025, Bybit will serve as a DMCC Ecosystem and Advisory Partner, offering strategic guidance to the DMCC Crypto Center and its members on essential initiatives.
To further enhance Dubai’s standing as a leading global crypto hub, Bybit and the DMCC Crypto Center will co-host two major industry events this year: a global hackathon and a flagship conference. The hackathon aims to foster innovation by supporting developers in creating Web3 projects, while the conference will position Dubai as a center for thought leadership by bringing together industry experts and key opinion leaders.
In its new advisory capacity, Bybit will leverage its extensive industry knowledge to influence the future of Dubai’s crypto and Web3 sectors. This collaboration highlights Bybit’s continued commitment to supporting Dubai’s vision of becoming a global leader in the crypto and Web3 space.
Additionally, Bybit launched its key sponsorship of the Blockchain for Good Alliance (BGA) at Blockchain Life in April in Dubai, a non-profit organization that collaborates with a network of organizations, projects, and individuals dedicated to leveraging blockchain technology to address global social, environmental, and economic challenges.
In November, the Crypto Content Creator Campus for KOLs in the crypto industry will go live with the support of Bybit, which has initiated various industry projects in the region.
