Bybit Dubai entity received VASP license issued by VARA

According to Bybit's announcement on October 22, its Dubai entity Bybit Fintech FZE has obtained a Virtual Asset Service Provider (VASP) license issued by the Dubai Virtual Assets Regulatory Authority (VARA), covering the scope of cryptocurrency spot trading.

Bybit established its international headquarters in Dubai in 2022 and received preliminary approval from VARA in 2024. Bybit's Chief Legal and Compliance Officer Peter Loo stated that the company plans to apply for an expansion of the license scope to include derivatives trading in the future, but further approval from the regulatory authority is still required.