Cryptocurrency exchange Bybit announced on Thursday that it has become the firm company to receive a Virtual Asset Platform Operator license from the Securities and Commodities Authority (SCA) in the United Arab Emirates (UAE).
The license means that the company can offer crypto trading, brokerage solutions, custody, and fiat conversion services to both retail and institutional clients across the UAE.
“Receiving the full Virtual Asset Platform Operator License from the SCA is a testament to Bybit’s unwavering commitment to building trust through compliance and transparency,” said Ben Zhou, Co-Founder of Bybit.
“The UAE has emerged as a global leader in digital asset regulation, and this recognition underscores the strength of our security and governance standards.”
In a statement, Bybit said it also plans on growing its presence in the UAE.
The crypto firm said it will establish a regional operations centre, with more than 500 employees across offices in Dubai and Abu Dhabi.
“This achievement would not have been possible without the SCA’s forward-thinking approach to fostering innovation and compliance in the digital asset space,” said Helen Liu, Co-CEO of Bybit. “We look forward to deepening our collaboration as we bring more resources, products, and expertise to the UAE market.”
