Bybit, the world’s second-largest crypto exchange by derivatives volume, has secured a provisional license in Dubai two years after setting up its headquarters in the city.
The centralized crypto exchange (CEX) has received a non-operational license from the Virtual Asset Regulatory Authority (VARA), according to an announcement shared with Cointelegraph.
According to Helen Liu, Bybit’s Chief Operating Officer, the new license represents a major milestone in the company’s global expansion strategy, driven by Dubai’s ambition to become a leading blockchain hub.
An increasing number of crypto companies are relocating to Dubai, which is quickly establishing itself as a global hub with crypto-friendly regulations.
In a significant regulatory development, UAE regulators will allow Dubai-licensed virtual asset service providers (VASPs) to service the entire country, the Securities And Commodities Authority (SCA) and VARA announced on Sept. 9.
Read more: cointelegraph.com
