Bybit Awarded Provisional Crypto License By Dubai Regulators

Bybit, one of the biggest cryptocurrency exchanges in the world, has been given a provisional license by a Dubai regulator. This is coming two years after Bybit set up its head office in the Middle Eastern city. Getting this license brings Bybit a step closer to becoming a completely certified Virtual Asset Service Provider (VASP) in Dubai.

The new license is temporary, so Bybit can’t use it to start operating yet. The license was given by the Virtual Asset Regulatory Authority (VARA).

Dubai Seeks To Draw More Crypto Companies With Transparent Rules

In 2023, Bybit also received another kind of license, the Minimum Viable Product (MVP) license in Dubai. This was the start of Bybit’s journey to become fully authorized to operate in Dubai.

Helen Liu, Bybit’s Chief Operating Officer, said that Dubai’s good location, smart rules, and focus on new ideas give businesses and investors many opportunities to do well in the cryptocurrency industry. Liu explained that these features make Dubai a great place for companies like Bybit.

Dubai seeks to attract more companies working in the cryptocurrency industry. To do this, the city created clear rules that these companies must follow. In 2021, VARA was created through Dubai’s Virtual Asset Regulation Law.

This law and the creation of VARA helped Dubai become one of the most important places for crypto businesses. According to reports, many well-known companies, such as Binance, Blockchain.com, and Crypto.com, have already gotten licenses to operate in Dubai.

Liu also noted that with Dubai’s strong rules and its goal of becoming a leader in blockchain technology, it is the perfect place to grow and expand the digital currencies business.

Bybit’s Market Share Grew From 8% In October 2023 To 16% In June 2024

Bybit is also making its presence in Dubai stronger. Last month, it expanded its alliance with the Dubai Multi Commodities Centre (DMCC). The company is moving from being just a partner in the ecosystem to also giving advice.

In the last 24 hours, Bybit has traded more than $3.8 billion worth of cryptocurrencies. Its trading in derivatives was even higher, reaching $16.2 billion. This makes Bybit the second-largest cryptocurrency exchange for derivatives, right behind Binance, which is currently the biggest.

Bybit’s market share grew from 8% in October last year to 16% in June 2024, per reports. This is the fastest growth among all the top cryptocurrency exchanges. In comparison, Coinbase only grew its market share by 1% during the same time.