Bybit Obtains Temporary VASP License in Dubai
CryptoNewsTerminal Staff16 Sep, 2024
Bybit Obtains Temporary VASP License in Dubai
Bybit, a leading cryptocurrency exchange, has obtained a temporary Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA), according to Cointelegraph. This development marks a significant milestone for Bybit, which established its Dubai headquarters two years ago. The VASP license enables Bybit to offer a range of cryptocurrency-related services in Dubai, including trading, custody, and transfer. It also demonstrates Bybit's commitment to compliance and regulation in the rapidly evolving digital asset landscape. The acquisition of the VASP license coincides with the growing adoption of cryptocurrencies in the United Arab Emirates (UAE). The UAE has emerged as a regional hub for blockchain technology and digital assets, with Dubai playing a leading role in fostering innovation and regulation within the crypto space. Bybit's presence in Dubai and its compliance with local regulations underscore the company's long-term commitment to the UAE market. The VASP license positions Bybit to capitalize on the growing demand for cryptocurrency services in the region and solidifies its status as a trusted and reliable exchange for both retail and institutional investors.
