Cryptocurrency exchange Bybit has received a Virtual Asset Platform Operator License from the Securities and Commodities Authority of the United Arab Emirates. The approval arrived eight months after the regulator granted in‑principle approval to the company.
The license enables Bybit to offer its complete range of global products and services to the UAE region. Bybit co‑founder and CEO Ben Zhou stated the full license demonstrates the company’s commitment to building trust through compliance and transparency. He added that the UAE has emerged as a global leader in digital‑asset regulation.
Bybit previously secured regulatory approval from Austrian authorities in May and registered in India in February. The India registration followed a brief service suspension and payment of a $1 million fine over compliance violations. The company continues to expand its regulatory footprint across multiple jurisdictions.
The UAE regulatory landscape requires crypto companies to navigate a complex framework to serve residents across different emirates. Dubai’s Virtual Assets Regulatory Authority and the UAE’s Securities and Commodities Authority announced a strategic partnership in August aimed at unifying crypto regulations.
The partnership focuses on licensing reciprocity, allowing one authority to recognize licenses approved by another. VARA granted Bybit a non‑operational license in Dubai in September, but the company indicated at the time it was pursuing full approval. The SCA license represents the achievement of that objective.
Dubai and the UAE have positioned themselves as leading crypto hubs through their regulatory environment and ability to attract investors. The Open Network sparked controversy in July by claiming early‑stage development with a licensed partner to explore creating a UAE Golden Visa program. The proposed initiative would allow investors to spend $100,000 for a residency pathway.