The Securities and Commodities Authority (SCA), in what can only be described as a stroke of regulatory genius, has unveiled its first full Virtual Asset Platform Operator License to cryptocurrency exchange Bybit. Cue the confetti! This momentous occasion signifies a leap forward in the United Arab Emirates’ ambitious digital asset endeavors, and it’s a sight to behold!
UAE Issues First Comprehensive Crypto License to Bybit
In a delightful announcement shared with TopMob, it appears the SCA has decided to indulge in a bit of avant-garde regulation. The authorization follows Bybit’s preliminary approval back in the lovely February of 2025, courtesy of the Blockchain Centre in Abu Dhabi-do you suppose they threw in a complimentary falafel wrap with that?
This shiny new license allows Bybit to offer a platter of regulated services including trading, brokerage, custody, and even fiat conversion to retail and institutional clients across the sandy shores of the UAE. I’d say it’s better than winning the lottery, but then again, you might not have to pay taxes on your winnings here, so let’s call it even!
With this exciting news, the UAE joins the elite ranks of global jurisdictions that have embraced comprehensive digital asset exchange licenses. Who knew being a global hub for blockchain and cryptocurrency could sound so official yet so glamorous?
Bybit, one of the largest cryptocurrency exchanges on the planet (or so they say, and frankly who’s counting?), has expressed that this license acknowledges its adherence to compliance standards and operational transparency. Talk about holding yourself to high standards-applying for a credit card is easy in comparison!
And while we’re at it, Bybit’s approval fits into a larger trend of regulatory developments for them in 2025. This includes a MiCAR license in Europe-because if you’re going to get regulated, you might as well do it on a continental scale-and the rekindling of trading operations in the captivating land of India. What’s next? A license for the best cryptocurrency-themed cookbook?
“Receiving the full Virtual Asset Platform Operator License from the SCA is a testament to Bybit’s unwavering commitment to building trust through compliance and transparency,” Ben Zhou, Co-founder and CEO of Bybit, noted with a straight face-perhaps a little too serious considering we’re talking about crypto here. “The UAE has emerged as a global leader in digital asset regulation, and this recognition underscores the strength of our security and governance standards.” Might I suggest wearing a cape next time, Ben? It adds to the superhero vibe!
In their tireless quest to conquer the UAE market, Bybit has grand plans to ramp up local hiring, erect a sparkling operations center in Abu Dhabi, and even team up with regional partners to promote blockchain education and Web3 innovation programs. Sounds ambitious-like a cat trying to catch its own tail!
The SCA’s audacious decision showcases the UAE’s knack for balancing innovation and investor protection. In translation: they want to keep things exciting but also not let anyone lose their shirts in the process. Forward they march toward a more regulated virtual asset environment-who said the desert can’t bloom after all?
💬 FAQ
- What does Bybit’s new license allow? It enables Bybit to offer regulated crypto trading, brokerage, custody, and fiat services in the UAE.
- Who issued the license? The UAE’s Securities and Commodities Authority granted Bybit the Virtual Asset Platform Operator License.
- Why is this significant for the UAE? It marks the nation’s first full crypto exchange license, advancing its role as a digital asset hub.
- What are Bybit’s next steps? The company plans to expand its workforce and regional operations in Abu Dhabi and Dubai.
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2025-10-10 02:04