🤯 “Crypto Giant Bybit Gets Green Light to Operate in UAE!”
As the sun sets over the vast expanse of the Arabian Desert, a new chapter unfolds in the tale of Bybit, the cryptocurrency behemoth. Like a mighty river, Bybit has been granted an in-principle approval from the Securities & Commodities Authority of the UAE, its waters flowing ever closer to the shores of full operational license.
On February 28, Bybit announced its triumph, stating that it had received the coveted in-principle approval, dated February 18. This milestone marks a significant step in the company’s journey, as it prepares to offer its digital asset services to the individual and institutional clients of the UAE. Ah, the sweet taste of success!
But, alas, Bybit’s path to success has not been without its challenges. A recent hack of its multisig cold wallet resulted in a loss of $1.5 billion, a wound that still festers. In a statement to Khaleej Times, the VARA said that the incident was “a highly evolving matter that we will continue to closely track until it stabilises”. Ah, the eternal dance of regulators and hackers!
Bybit’s licensing in the UAE is but one chapter in the company’s ongoing quest for global domination. It follows its existing regulatory approvals in the Middle East and is actively securing approvals worldwide, expanding its presence in key markets such as India, Georgia, Kazakhstan, and Turkey.
The UAE, a land of golden opportunity, has solidified its position as a global hub for crypto and blockchain innovation. Its progressive regulatory frameworks, a delicate balance of growth and investor protection, provide a fertile ground for Bybit to flourish.
Bybit’s in-principle licensing is but one of a series of approvals for crypto platforms and digital assets to operate in the UAE. Circle’s USD Coin (USDC) and EURC have already received official recognition, while Crypto.com’s Dubai-based entity, CRO DAX Middle East FZE, has received full operational approval, licensing the company to offer services such as spot trading and staking brokerage.
And, as if the universe had not already conspired against Bybit, VARA is set to introduce new rules requiring crypto businesses within the UAE to disclose the identities of crypto whales. Ah, the eternal quest for transparency!
VARA is also considering new risk disclosure requirements, a wise move, indeed, to ensure investors fully understand the assets they’re purchasing. For in the world of crypto, knowledge is power, and VARA is determined to wield that power.
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2025-02-27 15:30