The world’s third most visited crypto exchange, Bybit, is moving forward with its global expansion efforts. Bybit FinTech FZE, a subsidiary of Bybit, announced on June 27 that it successfully achieved the Minimum Viable Product (MVP) Preparatory License from Dubai’s Virtual Assets Regulatory Authority (VARA).
The latest development follows the previous acquisition of a Provisional License in the region in March last year. However, it is important to highlight that with MVP, Bybit is not allowed to start virtual asset operations for all customers in Dubai.
Getting the Preparatory License demonstrates significant progress in obtaining full operational permission from VARA. Ben Zhou, co-founder and CEO of Bybit, stated that obtaining the Preparatory License is an essential milestone for the crypto exchange in the UAE. This represents a significant breakthrough in their development within the crypto industry.
The executive also emphasized Dubai’s “pioneering role” in promoting the growth of financial innovation and digital assets. Ben Zhou said they are grateful to VARA for thoroughly assessing their application and granting the MVP Preparatory License.
Further, he added:
“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.”
Due to the crypto winter, Bybit reduced its workforce by 30% earlier this year. However, the exchange remained committed to its growth goals and launched its global headquarters in Dubai in April. Another popular crypto exchange, OKX, received its MVP Preparatory License in Dubai earlier this month.
Bybit Is Looking For A More Expansion
As per CEO, Bybit is currently dedicated to securing a Full Market Product License (FMP) in Dubai. This will enable the exchange to serve a broader range of clients across the UAE. Zhou said Bybit already operates in Dubai, but the MVP license allows it to serve only a limited group of accredited investors.
After obtaining a full license in Dubai, the company plans to establish a full-scope crypto asset exchange that will provide a wide range of services under that license. These will include custody and exchange services, payments and remittances, advisory, lending, borrowing, and investment services.
Bybit announced on June 26 that it obtained a license in Cyprus, granting the company to operate as an exchange and custody service. This achievement enables the crypto exchange to facilitate trading between cryptocurrencies and traditional fiat currencies.