Bybit’s MVP license in Dubai ‘very restricted,’ CEO says

Bybit Obtains Minimum Viable Product License from Dubai’s Virtual Assets Regulatory Authority

Bybit, a cryptocurrency exchange, already runs out of Dubai, however its CEO has stated that its existing license does not permit them to provide services to all clients.

On June 27th, Bybit FinTech FZE – a subsidiary of the global exchange Bybit – declared that it had been granted the Minimum Viable Product (MVP) preparatory license from Dubai’s Virtual Assets Regulatory Authority (VARA).

Ben Zhou, CEO of Bybit, informed Cointelegraph that the exchange is striving to obtain a complete product market license in Dubai, which will enable it to serve all types of customers in the United Arab Emirates.

“Zhou stated that Bybit is already based in Dubai, and the MVP license only permits Bybit to provide services to a limited number of certified investors.”

“Expressing his enthusiasm, he commented that VARA has shown an eagerness and fervor for originality and business, and that the agency has been actively looking for input from entrepreneurs,” he said.

Once it has obtained its full license in Dubai, Bybit intends to operate a comprehensive digital asset exchange, offering “all services allowed under that license,” the CEO stated. According to the official VARA information, these services encompass advisory, brokerage, custody and exchange services, lending and borrowing, payments and money transfers, and investment services.

Zhou asserted that Dubai provides a fair environment for businesses of all sizes and sectors, noting that the UAE and Dubai have been striving to ensure regulatory clarity and advocate for investor protection. He further remarked:

Bybit recently made regulatory advances shortly after establishing its new Dubai headquarters in April 2023. Previously, the company had received VARA’s preliminary approval in April 2022.

Bybit Expanding Reach Worldwide with Regulatory Bodies

Cryptopay, a card provider based in the EU, has lost its license, however the company has assured customers that their card funds are secure.

The announcement follows Bybit’s recent efforts to extend its reach worldwide with the aid of regulatory bodies. On June 26, Bybit declared they had obtained a license to run an exchange and custody service in Cyprus, thus allowing them to provide trading services between crypto and fiat currency pairs. Moreover, in May, Bybit had already gained pre-approval from Kazakhstan to operate as a digital asset trading facility and custody services provider at the Astana International Financial Centre.

Zhou commented that there is a clear distinction between jurisdictions that are more welcoming than others; citing Kazakhstan and Cyprus as two examples that recently granted them full operational licenses.

The CEO also noted that Bybit is paying close attention to advancements in key regions such as the United Kingdom, Hong Kong, and the European Union.

Magazine Asia Express reports: Huobi takes legal action against itself, 3AC emerges from ruin, and the Korean crypto market is in turmoil.

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