Crypto Exchange Bybit Obtains Preparatory License in Dubai
Bybit exchange is becoming more successful in its attempt to expand to various country jurisdictions across the globe. Recently, the firm has managed to acquire a preparatory license from the Virtual Asset Regulatory Agency in Dubai.
The formal entrance into the Middle Eastern nation is part of Bybit’s plan to become more relatable in the MENA region. The license has been granted to the subsidiary of Bybit namely Bybit FinTech FZE.
The license is called the Minimum Viable Product or MVP and it is issued by VARA. It is worth noting that Bybit has already acquired the Provisional License to remain operational in the region a year ago.
However, the MVP preparatory license does not grant Bybit the authority to operate as a virtual asset trading enterprise in Dubai. Meanwhile, Bybit CEO and co-founder Ben Zhou have stated that this license is an important step in becoming a registered virtual asset trading enterprise in the region.
Dubai to Become a Hub of Crypto Innovation
Bybit exec has also said that Dubai is playing a pioneering role in paving the way for the cryptocurrency innovation and development of the nascent industry. He maintained that he also offered gratitude to VARA for processing the application of the cryptocurrency exchange and issuing them an MVP license.
The firm has maintained that the license award is a testament to the hard work and dedication of the organization and its team.
However, like many other tech companies, Bybit has resorted to slashing its workforce by 30% as a result of the last crypto winter. In the meantime, the firm has been working on its expansion into the MENA region starting from Dubai since April this year.
It is worth noting that Bybit has also received a license from Cyprus to operate as the cryptocurrency exchange and custodial services provider. On the other hand, the crypto exchange has departed from Canada citing regulatory issues.
Bybit CEO Claims that Cyprus is an Ideal Location for Cryptocurrency Commercial Enterprises
Bybit has ventured into the EU territory with the acquisition of a trading license in Cyprus. CEO Zhou has maintained that the crypto exchange supports the objective of the Cyprus regulators to build a native cryptocurrency sector that is compliant, transparent, and secure. The firm has also maintained that Cyprus is recognized as a cryptocurrency hub.
The CEO also maintained that the region has a growing crypto community with a favorable regulatory environment. At the same time, the firm highlighted the growth potential for crypto enterprises in Cyprus.
Last month, Bybit exited from Canadian markets citing issues with the regulators. The main motivation for moving out of the North American region is the issuance of new regulatory guidance by the Canadian Securities Administrators or CSA.
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