- Bybit secures a pivotal provisional license from Dubai’s VARA, enhancing its global blockchain presence.
- UAE expands crypto operations nationwide with new regulations, boosting Bybit’s strategic positioning in Dubai.
- Bybit elevates its role in Dubai, transitioning from ecosystem partner to advisor at DMCC Crypto Hub.
Bybit, the world’s second-largest cryptocurrency exchange, has secured a provisional license from Dubai’s Virtual Asset Regulatory Authority (VARA), marking a significant milestone in its global expansion strategy two years after establishing its global headquarters in the city.
The non-operational provisional license is crucial for Bybit as it aims to strengthen its position and function in the constantly growing space for Dubai’s virtual assets. Bybit’s Chief Operating Officer Helen Liu states that the license is crucial and allows Dubai to adhere to its strategy of becoming a global blockchain center.
Liu also noted that Dubai is in a very advantageous position when it comes to geographical location and liberal policies, which create a good background for the development of new opportunities within the sphere of cryptocurrency.
Regulatory Evolution and Crypto Industry Growth in Dubai
The UAE remains inclined to promote its position in the crypto market, and Dubai plays a key role in further expansion in this sphere. New regulations have further improved the attractiveness of the emirate for VASPs to invest in the blockchain industry.
On September 9, the SCA, cooperating with VARA, made a historic decision to enable Dubai-licensed VASPs to work across the UAE. This move is expected to significantly bolster the crypto industry’s growth and streamline the operational landscape for firms like Bybit.
Dubai’s welcoming regulatory framework and the recognition of crypto transactions in various sectors, such as employment salary payments, underlining the emirate’s commitment to integrating digital assets into mainstream economic practices. This environment attracts established crypto firms and nurtures the development of new ventures within the blockchain and Web3 spaces.
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Bybit’s Strategic Initiatives and Community Engagement in Dubai
Moreover, to expand its influence in the Dubai market, Bybit has extended its partnership with the Dubai Multi Commodities Crypto Centre (DMCC). From an ecosystem partner to an advisor, Bybit is set to become a major driving force behind the development of the crypto and Web3 industry in the region.
The exchange’s commitment to compliance and best practices and willingness to interface with regulatory bodies and cooperate with the legislation governing VARA shows that the exchange has followed the necessary guidelines.
In addition to regulatory achievements, Bybit has been actively participating in community-focused initiatives such as the Blockchain for Good Alliance and preparing to launch the Crypto Content Creator Campus. These projects highlight Bybit’s role in promoting sustainable and inclusive growth within the blockchain technology landscape.
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