Bybit Secures Dubai VASP License for Crypto Spot Trading
Summary
- Bybit said it had obtained a VASP license from Dubai's Virtual Assets Regulatory Authority, or VARA, allowing it to offer crypto spot trading.
- It said the approval covers only exchange services, including crypto spot trading, and does not include derivatives trading.
- Bybit said it has secured five new licenses and regulatory approvals this year outside Dubai, including in the European Union, the Cayman Islands, Indonesia, South Africa and El Salvador.
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Crypto exchange Bybit has secured a license in Dubai, United Arab Emirates, to offer crypto spot trading services.
Bybit said on October 22 that its Dubai unit, Bybit Fintech FZE, had obtained a virtual asset service provider, or VASP, license from the Dubai Virtual Assets Regulatory Authority, or VARA. The approval covers exchange services, including crypto spot trading.
Derivatives trading was not included in the scope of the approval. The company said it plans to expand the license to cover derivatives trading, subject to the necessary regulatory approvals.
Chief Executive Officer Ben Zhou said Bybit would comply with VARA regulations as it expands its business and supports Dubai's digital-asset ecosystem.
Bybit also said it has secured five new licenses and regulatory approvals this year outside Dubai, including in the European Union, the Cayman Islands, Indonesia, South Africa and El Salvador.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul