Bybit granted in-principal approval to operate in UAE

Bybit has obtained an approval in principle from Securities & Commodities Authority of the UAE and is on the right track to receive the fully operational license.

In February. 28, soup announcement That he had received an approval in principle from the SCA of the United Arab Emirates to establish himself as an operator of virtual asset platform in the country, dated February 18. This step is entirely close to water entirely authorized to offer its digital asset services to individual and institutional customers to water.

The approval in principle has come despite the recent bybit of its multisig cold portfolio, resulting in a loss of $ 1.5 billion. In a Declaration to Khaleej Times On Saturday, Vara said that the incident is “a very scalable question that we will continue to follow closely until it stabilizes”.

Bybit to water licenses follow its existing regulatory approvals in the Middle East. The exchange is also actively securing Regulatory approvals worldwide, expanding its presence on key markets such as India, Georgia, Kazakhstan and Turkey.

The water has solidified its position as a global center for the innovation of the crypto and the blockchain, driven by progressive regulatory frameworks which balance growth with the protection of investors.

Bybit’s licenses are only one of a series of approvals for cryptographic platforms and digital assets to operate on water. On February 24, the Dubai Financial Services Authority approved USD part of the circle (USDC) and EURC as the first stablecoins officially recognized under the new Dubai token regime. Earlier, in April 2024, the entity based in Dubai of Crypto.com, Cro Dax Middle East Fze, received Complete operational approval of Dubai Vara, authorizing the company to offer services such as Spot Trading and Stuking Brokerage to institutional and retail customers.

In addition, Vara is settled on introduce New rules obliging cryptographic companies to water to disclose the identity of cryptographic whales, aimed at protecting investors by revealing whether cryptocurrency is very concentrated in the hands of a few entities, that the project team or VC. Vara also plans to make new risk disclosure requirements to ensure that investors understand the assets they buy perfectly.