The ByBit crypto exchange has received a full Virtual Asset Platform Operator License in the UAE from the Securities and Commodities Authority (SCA) of the UAE. The development, for ByBit, will let it offer full product capability of its existing global products and services to its UAE customers.
“The SCA’s clear, robust, and well-structured regulatory framework provides a strong foundation for global exchanges like Bybit to operate with confidence and clarity,” said Helen Liu, Co-CEO of ByBit as commenting on the development.
With this license, ByBit will offer crypto custody and brokerage services for UAE-based institutional investors.
In addition, the exchange will ramp up its crypto educational initiatives in the UAE to simplify the access to learning resources for broader crypto adoption piggybacking on the existing regulatory clarity in the country.
“The exchange plans to expand its local footprint by establishing a larger regional operations center in Abu Dhabi with over 500 employees across Abu Dhabi and Dubai, accelerating local hiring across compliance, operations, and customer service,” the exchange said in its statement.
In the recent months, ByBit has hit several milestones in terms of its global expansion.
Last month, for instance, the exchange enabled stablecoin payments for regulatory fees in Kazakhstan.
The exchange also rolled out spot margin trading for users within the European Economic Area (EEA) to allow upto 10 times leverage on users’ crypto positions.