Bybit's CEO Voices Firm's Dedication to Receiving FMP License in Dubai

Bybit, a cryptocurrency exchange headquartered in Dubai, announced that its affiliated international firm Bybit FinTech FZE received the Minimum Viable Product (MVP) preparatory license from Dubai's Virtual Assets Regulatory Authority (VARA).

However, the crypto exchange CEO highlighted that the current license limits the types of customers it can serve. Thus, the firm is preparing to obtain a more advanced registration for serving a diverse customer base.

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The crypto exchange ByBit CEO Ben Zhou is optimistic about the firm's future prospects, citing VARA's apparent enthusiasm for innovation and entrepreneurial drive. 

I feel positive about our progress as VARA demonstrates an interest and passion for innovation and entrepreneurship.

The CEO mentioned that Bybit aims to operate as a full-scope virtual asset exchange upon acquiring a full license in Dubai. This would allow them to provide a range of services within the confines of that license, including broker-dealer, custody and exchange services, advisory, lending and borrowing, payments and remittances services, as well as investment services.

According to Zhou, Dubai provides a competitive ground for businesses of diverse sizes and sectors.

The Emirates future-ready mindset helps attract investors and funds looking for a stake in the digital economy and that’s why it’s the perfect location for Bybit <...> The “test-adapt-scale” virtual assets market model sets out an attractive proposition for foreign direct investment.

This latest step towards regulation emerged shortly after Bybit inaugurated its new Dubai headquarters in April 2023, following VARA's in-principle approval in April of the previous year.

Bybit is proactive in expanding its global footprint, acquiring operational licenses in jurisdictions like Cyprus and Kazakhstan. The CEO hinted at the company’s active observation of key jurisdictions such as the United Kingdom, Hong Kong, and the European Union. With this strategic expansion, Bybit continues to strengthen its position in the cryptocurrency world.