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Bybit wins Dubai VARA spot licence, derivatives need approval
Bybit's Dubai entity has an active VARA licence for spot exchange services, but launch conditions remain and derivatives need separate approval.
Key takeaways
- Bybit Fintech FZE received a virtual asset service provider licence from Dubai's Virtual Assets Regulatory Authority for exchange services, including spot trading, Bybit said Thursday.
- VARA's public register shows the licence with Active status, permitting Bybit to serve retail, qualified and institutional investors.
- Bybit must still complete additional regulatory requirements before launching the spot service.
What happened
Bybit Fintech FZE received a virtual asset service provider licence from Dubai's Virtual Assets Regulatory Authority for exchange services, including spot trading, Bybit said Thursday. VARA's public register shows the licence with Active status, permitting Bybit to serve retail, qualified and institutional investors. Bybit must still complete additional regulatory requirements before launching the spot service. Its current Dubai licence is limited to Exchange Services, and the exchange plans to seek derivatives approval separately. Peter Loo, Bybit's chief legal and compliance officer, said the company hopes to expand its licensed activities to include derivatives, subject to the necessary regulatory approvals.
Sources · 5 publishers
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Bybit wins Dubai spot trading licence, eyes derivatives approval -
Bybit Secures Full VASP License From Dubai’s VARA to Offer Crypto Services in UAE -
Bybit Wins Dubai VASP License, but Derivatives Must Wait -
Bybit secures first full Dubai license for spot trading services
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Bybit Wins Dubai VARA Approval For Spot Crypto Exchange Services
