UAE - Bybit FinTech, a subsidiary of Bybit, a global leading crypto exchange, has been granted the Minimum Viable Product (MVP) Preparatory Licence by Dubai's Virtual Assets Regulatory Authority (VARA). This follows the Provisional Licence it received in March 2022.

The Preparatory Licence does not yet allow Bybit to commence virtual asset operations in the Emirate of Dubai, but exhibits the significant progress made to obtain operational permission from VARA.

Crucial step

"We would like to express our gratitude to VARA for their careful consideration of our application and for granting us the MVP Preparatory Licence. This is a crucial step forward for Bybit in the UAE, as Dubai plays a pioneering role in advancing the world's development of financial innovation and digital assets," said Ben Zhou, co-founder and CEO of Bybit.

"We consider the receipt of this licence to be a significant milestone that acknowledges the hard work, dedication, and strong commitment to compliance exhibited by our team."

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