Bybit CEO Reveals Limited Scope of MVP License in Dubai

CryptoGrafos recently spoke with Bybit CEO Ben Zhou, who revealed that the cryptocurrency exchange’s current licensing in Dubai has certain limitations that prevent it from serving all customers. Bybit FinTech FZE, a subsidiary of the global exchange, recently announced that it had obtained a Minimum Viable Product (MVP) preparatory license from Dubai’s Virtual Assets Regulatory Authority (VARA).

Sign up with Bybit HERE and get $50+ BONUS!

Zhou clarified that while Bybit already operates in Dubai, the MVP license only allows the exchange to service a restricted group of accredited investors. He emphasized that Bybit is actively working towards obtaining a full market product license in Dubai, which would enable the exchange to cater to a broader range of customers in the United Arab Emirates.

The CEO expressed optimism about the progress made so far, acknowledging VARA’s interest and enthusiasm for innovation and entrepreneurship. He mentioned that the authority has been actively seeking feedback from entrepreneurs, indicating its commitment to fostering a supportive environment for the industry.

Once Bybit obtains a full license in Dubai, the exchange plans to establish a comprehensive digital asset exchange that offers all services permitted within the license. These services, as outlined by VARA, include advisory, broker-dealer, custody and exchange services, lending and borrowing, payments and remittances services, and investment services.

Sign up with Bybit HERE and get $50+ BONUS!

Zhou praised Dubai’s approach, stating that the emirate provides a level playing field for businesses of all sizes and sectors. He highlighted the UAE and Dubai’s efforts to provide regulatory clarity and protect investors, which has attracted investment and interest from those seeking opportunities in the digital economy. The CEO emphasized that Dubai’s “test-adapt-scale” model for the virtual assets market presents an appealing proposition for foreign direct investment.

Bybit’s recent regulatory developments coincide with the opening of its new headquarters in Dubai in April 2023. The company had previously obtained in-principle approval from VARA in April 2022.

In addition to its expansion in Dubai, Bybit has been actively seeking licenses in various jurisdictions. The exchange recently acquired a license to operate as an exchange and custody service in Cyprus, enabling it to offer trading between crypto and fiat currency pairs. Bybit also received pre-approval in Kazakhstan to operate as a digital asset trading facility and custody services provider at the Astana International Financial Centre.

Zhou highlighted that certain jurisdictions have been more welcoming than others, citing the full operational licenses obtained in Kazakhstan and Cyprus. He also mentioned that Bybit is closely monitoring developments in key jurisdictions such as the United Kingdom, Hong Kong, and the European Union, indicating its interest in expanding its presence further.

Bybit continues to navigate the regulatory landscape to ensure compliance and offer its services to a wider customer base, while also considering opportunities for growth in different regions around the world.

For more news, find me on Twitter or subscribe to my YouTube channel.

What is your opinion on this issue? Leave me your comment below! I’m always interested in your opinion!

Leave a Reply

Your email address will not be published. Required fields are marked *

Recommended for you