Bybit Secures Full VASP License From Dubai’s VARA to Offer Crypto Services in UAE

Bybit has secured a full Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA), allowing the cryptocurrency exchange to offer regulated spot trading services as it continues expanding its licensed operations.

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Bybit Gains VARA Approval With Derivatives Plans Ahead

The approval enables Bybit to provide spot exchange services in Dubai, with a requirement for the company to obtain separate regulatory approval for derivatives trading.

In its policies, Bybit intends to further scale its licensed business going forward, said Peter Loo, the chief legal and compliance officer of the exchange, adding that it is currently engaged in ongoing discussions with the Dubai regulator.

“In time, we also hope to expand our licensed activities to include derivatives, subject to the necessary regulatory approvals,” Loo said.

He explained that derivatives account for a major part of Bybit’s global trading business, making them a product the company wants to introduce in Dubai through the proper licensing process.

In the meantime, Bybit’s CEO Ben Zhou welcomed the approval and said Dubai made great strides in regulating virtual assets.

“Our goal is to keep supporting the digital asset community in Dubai and to establish our business in the footsteps of the standards set by VARA,” said Zhou.

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Bybit Secures More Regulatory Approvals in 2026

The Dubai license follows a series of regulatory measures undertaken by Bybit for licensure in different jurisdictions. This latest green light comes after the crypto firm set up its international headquarters in Dubai in 2022, following years of regulatory efforts there.

In August 2024, VARA provided the company with provisional approval to meet licensing requirements prior to entering into regulated operations. Zhou noted five European Union, Cayman Islands, Indonesia, South Africa, and El Salvador licenses and regulatory approvals were also granted in 2026.

The exchange is conducted through different entities in different jurisdictions. Bybit EU has been named an authorized provider by a crypto licensing organization in Europe, which operates under Austria’s financial regulator.

Dubai Expands Crypto Licensing as More Firms Gain Approval 

Bybit’s permit comes after another licensing initiative in Dubai that saw Kraken qualify for full VARA approval via Payward. Kraken detailed its plans to add UAE dirham pairs and deposits in local currency.

Separately, Dubai’s Financial Services Authority granted approval to Robinhood to launch retail investment services in the Dubai International Financial Centre, which is not governed by VARA.

Licensed companies are required to adhere to standards that encompass risk management, compliance, and customer protection within VARA’s standards.

Bybit, for its part, said it would remain dedicated to compliance, security, and risk management and deploy partnerships, industry initiatives, and knowledge programs with the digital asset community in Dubai.