TL;DR
- Bybit became the first cryptocurrency exchange to obtain the Virtual Asset Platform Operator License from the Securities and Commodities Authority (SCA) of the United Arab Emirates.
- The company plans to open a regional operations center in Abu Dhabi with over 500 employees spread across Abu Dhabi and Dubai.
- This license will allow Bybit to operate under strict regulatory standards while expanding its services, positioning the United Arab Emirates as an international hub for innovative financial services.
Bybit became the first cryptocurrency exchange to secure the Virtual Asset Platform Operator License from the SCA of the United Arab Emirates, a milestone that enables the company to offer regulated trading services for virtual assets, brokerage, custody, and fiat conversion for both retail and institutional clients across the country.
Bybit Secures Regulatory Approvals Across All Markets
In February, Bybit had received its In-Principle Approval (IPA) with the support of the Blockchain Centre in Abu Dhabi. The company also obtained the MiCA license in Europe and resumed full trading operations in India in September. According to CEO Ben Zhou, this new authorization was possible because the firm has consistently demonstrated its commitment to transparency, security, and building trust in the market.
Turning the UAE into a Financial Hub
To strengthen its local presence, Bybit plans to open a regional operations center in Abu Dhabi with over 500 employees distributed between Abu Dhabi and Dubai, accelerating hiring, operations, and customer support. In addition, new educational and Web3 innovation programs will be implemented in collaboration with local partners. Co-CEO Helen Liu highlighted the clarity and robustness of the SCA’s regulatory framework and emphasized that this collaboration will attract more resources and products to the UAE market.
Bybit aims to operate under strict regulatory standards while expanding its services, positioning itself to transform the United Arab Emirates into an international hub for digital assets and innovative financial services
