Bybit has become the first cryptocurrency exchange to receive a full Virtual Asset Platform Operator License from the Securities and Commodities Authority (SCA) of the United Arab Emirates, according to a press release released on Thursday.
The approval follows Bybit’s In-Principle Approval (IPA) in February 2025 and makes it the first exchange officially recognized under the UAE’s Virtual Asset Service Provider (VASP) framework, according to the press release.
The license permits Bybit to offer regulated trading, brokerage, custody, and fiat conversion services to both retail and institutional clients across the country.
“This license is a testament to Bybit’s unwavering commitment to building trust through compliance and transparency,” said Ben Zhou, Co-Founder and CEO of Bybit. “The UAE has demonstrated visionary leadership in creating a world-class regulatory environment for digital assets.”
Co-CEO Helen Liu praised the SCA’s clear and structured regulatory framework, saying it enables compliant innovation while attracting international firms to the region.
With the new license, Bybit plans to expand its regional headquarters in Abu Dhabi, creating over 500 new jobs across Abu Dhabi and Dubai. The company also intends to launch education and Web3 innovation programs in collaboration with local institutions, supporting the UAE’s Vision 2031 and digital economy goals.
Headquartered in the British Virgin Islands, Bybit is currently the world’s second-largest cryptocurrency exchange, recording a 24-hour trading volume of over $5 billion, according to CoinMarketCap data.
The announcement comes just days after 19 firms were fined by Dubai’s VARA for unlicensed and misleading operations.
The firm’s expansion in the Gulf follows recent partnerships with Qatar National Bank (QNB) and DMZ Finance to launch a tokenized money market fund, the first of its kind approved under DFSA regulations.
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