Bybit, the well-known crypto-currency exchange platform, has announced that it has obtained a preliminary license to operate in the United Arab Emirates. Although this license does not yet allow Bybit to serve all customers, it is a significant step forward in its plans to expand into the Middle East.
MVP license from Dubai’s virtual assets regulator
Bybit FinTech FZE, a subsidiary of Bybit, has received the minimum viable product (MVP) preparatory license from the Virtual Assets Regulatory Authority in Dubai. This license is a major recognition that enables Bybit to start laying its mark on the emerging crypto-currency market in the United Arab Emirates.
- MVP License: This license is granted to companies that demonstrate significant potential in the field of virtual assets. It gives them the opportunity to develop and test their products in a controlled environment.
- Qualifying criteria: To obtain this license, companies must demonstrate compliance with high standards of anti-money laundering, KYC (Know Your Customer) and risk management.
Bybit CEO aims for full license
Bybit’s CEO, is currently working hard to obtain a full market product license in Dubai. This type of license would enable Bybit to operate for a full range of customers in the United Arab Emirates.
The ambition to extend Bybit’s international reach
This move is part of the firm’s drive to expand its international presence, having recently exited the Canadian and UK markets. At the same time, Bybit has also obtained a license in Cyprus, enabling it to serve crypto-currency traders in Europe.
A fast-growing sector in the United Arab Emirates
Interest in crypto-currencies continues to grow in the United Arab Emirates, particularly in Dubai. Several other cryptocurrency exchange platforms, such as Kraken, have already been licensed to operate in the country.
Market potential in the United Arab Emirates
With a largely young and technophile audience, as well as favorable regulations, the UAE presents great potential for the crypto-currency industry. So it’s no surprise that Bybit is keen to position itself in this market. In conclusion, Bybit’s award of this MVP license marks an important step in its expansion in the Middle East. It demonstrates Bybit’s commitment to diversifying its offerings and expanding its global footprint in the crypto-currency space.
