Bybit has been given one-principle approval from UAE’s Securities and Commodities Authority and is on track to obtain a fully operating license.
On 28 February, bybit Announced This was that an in-principal approval was received from the UAE SCA to establish itself as a virtual asset platform operator in the country, dated 18 February. This milestone is close to obtaining a complete license to offer their digital asset services to both individual and institutional customers in the UAE.
The in-primary approval comes despite the recent hack of its multicing cold wallet, resulting in a loss of $ 1.5 billion. One in Statement to Khaleej Times On Saturday, the groom stated that the incident is “a highly developed case that we will continue to track closely until it becomes stable”.
Bibit licensing in UAE follows its existing regulatory approval in the Middle East. Exchange is also actively Achieve Regulators worldwide expand their presence in major markets such as India, Georgia, Kazakhstan and Türkiye.
The UAE has strengthened its position as a global hub for crypto and blockchain innovation, which is run by the progressive regulatory structure that balances development with investor protection.
The principle of bybit is one of a series of approval for crypto platforms and digital assets to operate in licensing UAE. On 24 February, the Dubai Financial Services Authority approved the Circle’s USD Coin (USDC) and EURC as the first officially recognized stabecin under the new token regime of Dubai. Earlier, in April 2024, Crypto.com’s Dubai-based unit, Cro Dax Middle East FZE, get Complete operational approval from Dubai groom, license to both institutional and retail customers to offer services such as spot trading and stacking brokerage within the UAE.
Additionally, VARA is ready to introduce new rules requiring crypto businesses within the United Arab Emirates to disclose the identity of Varas to Vara, which aims to tell investors whether a cryptocurrency is highly concentrated in the hands of some institutions, whether the project team or VCS. Vara is also considering new risk disclosure requirements so that investors can fully understand the assets they are buying.
