The Cryptocurrency Exchange Bybit obtained a virtual asset platform license from the United Arab Emirates (UAE) Securities and Commodities Authority, eight months after the regulator granted the company’s approval.
In a notice on Thursday, bybit Says Approval from the UAE Financial Regulator will allow the exchange to offer global products and services in the region. Authorities in Austria The company has been granted Similar licensing approved in May, and the exchange was registered in India in February after the suspension of its service and its service briefly pays a $ 1-million fine more than compliance violations.
“Accepting the entire virtual virtual platform’s virtual license from SCA is a testament to Bybit’s relentless commitment to developing trust by compliance and transparency,” said Bybit co-founder and CEO Ben Zhou. “The UAE has emerged as a global leader in the regulation of the digital asset, and this recognition emphasizes the strength of our security and management standards.”
https://www.youtube.com/watch?v=ndv0rFehetq
Many crypto companies seeking approved regulations for different UAE regions often rely on a patchwork strategy to offer services to residents.
The Virtual Assets Regulatory Authority (VARA) of Dubai and the UAE’s Securities and Commodities Authority announced by a strategic cooperation In August aimed at uniting crypto regulations, including “reward licensing” – having a license approved by one authority recognized by another. Vara Granted bybit a license that is not operational In Dubai in September, but the company said at a time when it was looking for a full approval.
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There is already a global crypto hub
Dubai and the UAE attract some of the largest global crypto companies, in part because of their regulation environment and the potential to draw on investors. In July, the open network (ton) provoked controversy by claiming This is in the “early stage of development” with a licensed partner to explore the creation of a UAE Golden Visa, allowing investors to spend $ 100,000 for a residence path.
Bybit Suffered a massive hack At the hands of a group related to North Korea’s Lazarus in February. The attack, resulting in more than $ 1.4 billion worth of ether (Eth) stolen, is one of the largest in the history of the industry.
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