Cryptocurrency exchange Bybit has obtained a virtual assets platform operator license from the United Arab Emirates (UAE) Securities and Commodities Authority, eight months after the regulator granted in-principle approval to the company.
In a notice published on Thursday, Bybit said the approval from the UAE financial regulator would allow the exchange to offer its global products and services to the region. Austrian authorities granted the company a similar license approval in May, and the exchange registered in India in February after briefly suspending its service and paying a $1 million fine for compliance violations.
“Receiving the full Virtual Asset Platform Operator License from the SCA demonstrates Bybit’s unwavering commitment to building trust through compliance and transparency,” said Ben Zhou, co-founder and CEO of Bybit. “The UAE has become a global leader in regulating digital assets, and this recognition highlights the strength of our security and governance standards.
Many crypto companies seeking regulatory approval for different regions in the UAE often have to rely on a patchwork approach to offering services to residents.
Dubai’s Virtual Assets Regulatory Authority (VARA) and the UAE’s Securities and Commodities Authority announced in August a strategic partnership aimed at unifying crypto regulations, including “licensing reciprocity” – having a license approved by one authority recognized by another. VARA granted Bybit a non-operational license in Dubai in September, but the company said at the time it was seeking full approval.
Related: BitGo Obtains VARA License Amid Regulatory Crackdown
Already a global crypto hub
Dubai and the United Arab Emirates have attracted some of the world’s largest crypto companies, in part because of their regulatory environment and their potential to attract investors. In July, The Open Network (TON) sparked controversy when it claimed it was in the “early stages of development” with an approved partner to explore the creation of a UAE Golden Visa, allowing investors to spend $100,000 for a path to residency.
Bybit suffered a massive hack from the North Korea-affiliated Lazarus Group in February. The attack, which resulted in the theft of more than $1.4 billion worth of Ether (ETH), is one of the largest in the industry’s history.
Review: Hong Kong is not the loophole Chinese crypto companies think it is
