As a seasoned crypto investor with a keen eye for regulatory compliance and market trends, I view ByBit’s recent move to secure a provisional license from Dubai’s crypto regulator as a strategic step forward in the global crypto landscape. My personal experience has taught me that regulatory approval is a crucial milestone for any exchange, and ByBit’s commitment to adhering to Dubai’s robust regulatory framework speaks volumes about their dedication to the industry’s growth and legitimacy.
Crypto exchange ByBit has secured a provisional license from Dubai’s crypto regulator.
As a researcher, I’m excited to share that I’ve learned about ByBit’s recent development. On September 16, they announced they have received a provisional approval for a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority. This is the first step towards receiving a full operating license, signifying a significant milestone in ByBit’s journey.
During the approval stages, Bybit underwent an extensive examination to make sure they adhered to the regulatory standards established by the cryptocurrency authority in Dubai.
As a crypto investor, I can attest that Dubai’s strategic location, forward-thinking policies, and innovative atmosphere create an excellent environment for cryptocurrency businesses to flourish. Moreover, its robust regulatory system and dedication to establishing itself as a blockchain hub make it the perfect spot to further the development of digital currencies.
Initially, ByBit entered Dubai and set up its global headquarters in 2022. Since then, it has been actively participating in various projects aimed at bolstering the cryptocurrency and web3 industry. Lately, the exchange extended its collaboration with the Dubai Multi Commodities Centre, a free trade zone, serving as an advisor to foster the growth of the web3 environment.
The action is one step in ByBit’s broader plans for global growth. Just recently, the exchange gained approval from the Astana Financial Services Authority, paving the way for it to obtain an operating license in Kazakhstan. Prior to this, ByBit had already acquired a VASP license from Argentina’s General Inspectorate of Justice.
Dubai is aggressively establishing itself as a world pioneer in the field of cryptocurrencies by making strategic decisions. The announcement from Bybit comes after an agreement between the UAE’s Securities and Commodities Authority and VARA on September 9, which enables crypto exchanges licensed in Dubai to extend their services throughout the nation.
Furthermore, this contract arises following a significant court judgment by the Dubai Court of First Instance, which deemed cryptocurrency as an acceptable form of wage payment. The court’s verdict, based on a case concerning an employee’s unpaid wages in EcoWatt tokens, validated the use of crypto for employment contracts. This means that the employer must fulfill the agreed payment in tokens, thus endorsing the legality of cryptocurrencies within such agreements.
In related news, crypto exchange Binance also secured a VASP License from VARA in June 2024.
Read More
Sorry. No data so far.
2024-09-16 15:34