Bybit, the world’s second-largest crypto exchange by derivatives volume, has just hit a major milestone by securing a provisional license in Dubai, two years after shifting its headquarters to the city.
Granted by the Virtual Asset Regulatory Authority (VARA), this non-operational license is a key step forward in Bybit’s global expansion, reflecting Dubai’s push to become a leading blockchain hub.
According to the latest crypto news, Dubai is rapidly becoming a hotspot for crypto companies, thanks to its forward-thinking policies and innovation-friendly environment. The UAE’s regulators recently gave Dubai-licensed virtual asset service providers (VASPs) the green light to operate nationwide, further boosting the city’s appeal to blockchain businesses.
Bybit’s new provisional license allows it to cater to both retail and institutional investors in Dubai, but the exchange isn’t stopping there—it’s still vying for a full operational license in the region.
Since moving its headquarters to Dubai in 2022, Bybit has deepened its local connections, transitioning from an ecosystem partner to an advisory role with the Dubai Multi Commodities Crypto Centre (DMCC).
With a daily derivatives trading volume of $15.8 billion, Bybit stands just behind Binance, which leads with $38.5 billion, according to CoinMarketCap. Bybit is solidifying its position as a major contender in the ever-growing crypto market.
Dubai’s journey to becoming a global crypto hub is gaining speed, driven by regulatory advances that are attracting more Web3 and blockchain firms. Recently, the Dubai Court of First Instance recognized salary payments in crypto as legitimate under employment contracts. The UAE’s Central Bank also introduced a stablecoin licensing and monitoring framework earlier this year, signaling even more innovation on the horizon.
Dubai’s crypto scene is attracting big players—Binance secured a long-awaited virtual asset service provider license here, and Chainalysis has set up its regional headquarters, reflecting the city’s growing influence in the global crypto landscape.
