Key highlights:
- Bybit Fintech FZE now has a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA) for spot trading exchange services.
- This approval is a new step in Bybit’s push to grow its regulated business in Dubai, where it opened its global headquarters in 2022.
- Bybit has said it’s interested in adding derivatives trading to its licensed activities, but that will need further regulatory approvals.
- Earlier, Bybit’s CEO talked about their goal to get five new licenses or approvals in the EU, Cayman Islands, Indonesia, South Africa, and El Salvador by 2026.
Bybit has received official approval to offer spot trading services in Dubai, marking another milestone in the company’s role in the emirate’s virtual asset sector. The license, given by the Dubai Virtual Asset Regulatory Authority (VARA), covers exchange services for spot trading. This announcement underlines Bybit’s ongoing steps to work within Dubai’s digital asset rules.
This move also shows Bybit’s long-term plans for its business in the region. Since launching its global headquarters in Dubai in 2022, Bybit has gotten involved in the city’s blockchain and Web3 network, taking part in industry discussions, forming partnerships, and sharing knowledge with others. While it has this license now, Bybit says it wants to widen its services in the future, pointing out that it will need more regulatory approval for any new activities.
Bybit Gains Regulatory Approval for Spot Exchange Services in Dubai
The license lets Bybit Fintech FZE run spot trading exchange services under VARA’s rules. It’s a key step for Bybit’s business in Dubai, since it lays out a legal foundation for the services covered by the approval.
The company’s leaders welcomed the news and emphasized how regulation helps grow the virtual asset industry. Ben Zhou, Bybit’s co-founder and CEO, said they’re excited by how Dubai is advancing its virtual asset rules. He also stressed Bybit’s goal to stay active in Dubai, support the local digital asset scene, and build its business following VARA’s requirements.
Peter Loo, Bybit’s Chief Legal and Compliance Officer, also praised the regulator for giving the sector clear rules. He pointed out how important good oversight, risk management, and protecting users are to creating a healthy digital asset market.
These points reflect how Bybit approaches its operations in Dubai, regulatory compliance is still a big focus as the company grows. The current approval covers only spot trading exchange services, so it’s important to know that Bybit isn’t yet allowed to offer other trading products under this license.
Bybit says it plans to keep working closely with VARA as its work in Dubai expands. The company’s statements show that their relationship with the regulator will keep playing a role as Bybit plans for the future in the local market.
Derivatives Plans and Wider Regulatory Expansion
Looking past spot trading, Bybit has named derivatives as something it wants to add in Dubai later on. Loo said they hope to expand and include derivatives trading, but only if they get the needed regulatory approval.
Derivatives are a big part of Bybit’s global trading operations. Still, any new offering in Dubai depends on approval from VARA. Right now, the license only covers spot trading, not derivatives, so there’s no permission for that yet.
Bybit’s regulatory growth plans stretch outside Dubai as well. In a speech last October, Zhou said Bybit aims to win new licenses or approvals by 2026 in the European Union (EU), Cayman Islands, Indonesia, South Africa, and El Salvador.
This gives more insight into Bybit’s regulatory goals, though the company hasn’t confirmed these five approvals are in place yet. They’re still targets rather than achievements.
Since opening its international headquarters in Dubai in 2022, Bybit has kept close ties to the city’s blockchain and Web3 community. The exchange has been a part of industry conversations, formed partnerships, and supported knowledge-sharing activities within its ecosystem.
Getting the spot trading license is another regulatory milestone for the company. A move into derivatives trading in Dubai will only happen if VARA approves it, so any further expansion will rely on local regulators.
