Bybit FinTech FZE, a subsidiary of Bybit, a global leading crypto exchange, announced today that it has been granted the Minimum Viable Product (MVP) Preparatory License by Dubai's Virtual Assets Regulatory Authority (VARA), following the Provisional License it received in March 2022.
The Preparatory License does not yet allow Bybit to commence virtual asset operations in the Emirate of Dubai, but exhibits the significant progress made to obtain operational permission from VARA.
“We would like to express our gratitude to VARA for their careful consideration of our application and for granting us the MVP Preparatory License. This is a crucial step forward for Bybit in the UAE, as Dubai plays a pioneering role in advancing the world's development of financial innovation and digital assets,” said Ben Zhou, co-founder and CEO of Bybit. “We consider the receipt of this license to be a significant milestone that acknowledges the hard work, dedication, and strong commitment to compliance exhibited by our team.”
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Bybit is a cryptocurrency exchange established in 2018 that offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions, the Oracle Red Bull Racing team, esports teams NAVI, Astralis, Alliance, Made in Brazil (MIBR), and Oracle Red Bull Racing Esports, and association football (soccer) team Borussia Dortmund.
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Dubai Virtual Assets Regulatory Authority [VARA] is the world’s first specialised regulator for the Virtual Assets sector. Established in March 2022, following the effect of Law No.4 of 2022, VARA is the competent entity in charge of regulating, supervising, and overseeing VAs and VA Activities in all zones across the Emirate of Dubai, including Special Development Zones and Free Zones but excluding the Dubai International Financial Centre. VARA plays a central role in creating Dubai’s advanced legal framework to protect investors and establish international standards for Virtual Asset industry governance, while supporting the vision for a borderless economy.