Bybit Receives UAE’s First Full Virtual Asset Platform Operator License
Bybit, a cryptocurrency exchange based in the British Virgin Islands, has achieved a significant milestone by being the first to secure a Virtual Asset Platform Operator License from the Securities and Commodities Authority (SCA) of the United Arab Emirates (UAE).
- This license allows Bybit to provide regulated virtual asset trading, brokerage, custody, and fiat conversion services in the UAE.
- The company plans to establish a major operations center in Abu Dhabi employing over 500 staff across Abu Dhabi and Dubai.
- Bybit is expanding its presence in the Middle East, partnering with Qatar National Bank and DMZ Finance on a tokenized money market fund (MMF), QCDT, approved by DFSA.
- As of now, Bybit ranks as the second-largest cryptocurrency exchange, with a 24-hour trading volume of $5.1 billion, following Binance's $29.7 billion and ahead of Coinbase Exchange at $3.1 billion.
The growing popularity of cryptocurrencies and digital assets is contributing to the surge in activities for exchanges, supported by clearer regulatory frameworks worldwide.
In related developments, Binance has collaborated with Spanish banking giant BBVA on crypto custody solutions, and Binance Coin (BNB) recently surpassed XRP and USDT to briefly become the third-largest cryptocurrency by market cap.