Bybit has received a full VASP license from Dubai's Virtual Assets Regulatory Authority. The license covers regulated spot trading, while derivatives need separate approval.
Bybit secured a full Virtual Asset Service Provider (VASP) license from Dubai's Virtual Assets Regulatory Authority (VARA). The license lets the exchange offer regulated spot trading services as it expands its licensed operations.
Derivatives depend on separate approval
The approval enables Bybit to provide spot exchange services in Dubai, but the company must obtain separate regulatory approval for derivatives trading. Chief legal and compliance officer Peter Loo said Bybit is engaged in ongoing discussions with the Dubai regulator.
Loo said Bybit hopes to expand its licensed activities to include derivatives, "subject to the necessary regulatory approvals". He explained that derivatives account for a major part of Bybit's global trading business.
Meanwhile, CEO Ben Zhou welcomed the approval and said Dubai made great strides in regulating virtual assets.
Bybit set up its Dubai headquarters in 2022
The Dubai license follows other regulatory approvals in different jurisdictions. Bybit set up its international headquarters in Dubai in 2022, and in August 2024 VARA gave the company provisional approval to meet licensing requirements before entering regulated operations.
Zhou noted that licenses and regulatory approvals in the European Union, Cayman Islands, Indonesia, South Africa and El Salvador were also granted in 2026.
Kraken also won VARA approval
Bybit's permit comes after Kraken qualified for full VARA approval via Payward. Kraken detailed plans to add UAE dirham pairs and deposits in local currency.
Bybit said it would remain dedicated to compliance, security and risk management in Dubai.
Source: CoinGape
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