Bybit Snags UAE’s Virtual Asset Platform Operator License from Securities and Commodities Authority
Bybit, the second largest cryptocurrency exchange by trading volume, has gained a Virtual Asset Platform Operator License from the United Arab Emirates (UAE), the exchange said on Thursday.
Bybit became the first crypto exchange to obtain a full license from SCA, the company said in a statement.
A number of crypto companies with operations in Dubai are controlled under the vara framework. SCA regulation is broader in the range as it applies to the UAE mainland, and applies to entities outside the area of Dubai under the vara. (Bybit also has a temporary license under the vara framework.)
Under the License of the SCA’s Virtual Asset Platform Platform, BYBIT will offer regulated virtual asset trading, brokerage, caution, and Fiat conversion services to both retail clients and institutions throughout the UAE.
Exchange plans to expand its local footsteps by establishing a larger regional operation in the Abu Dhabi with more than 500 employees throughout Abu Dhabi and Dubai, accelerating local compliance, operations, and customer services, and introducing new education and innovation programs to Web3 in collaboration with local partners, the exchange of exchanges.
Bybit first received the in-principle approval (IPA) from SCA in February 2025 with the help of the Blockchain Center, Abu Dhabi, in the Navigation of the SCA framework. Earlier this year, BYBIT has hosted a Crypto Assets (MICA) license market, and the firm also continued throughout the trade operations in India in September.
“Receiving a full virtual asset platform license from SCA is a testament to Bybit’s relentless commitment to developing trust by compliance and transparency,” Bybit CEO Ben Zhou said in a statement.
