Bybit says it has secured a Virtual Asset Service Provider (VASP) licence from Dubai's Virtual Assets Regulatory Authority (VARA), a step towards a permanent regulated presence in the emirate
Bybit says it has secured a Virtual Asset Service Provider (VASP) licence from Dubai's Virtual Assets Regulatory Authority (VARA), a step towards a permanent regulated presence in the emirate where it has been headquartered since 2022.
The company announced that Bybit Fintech FZE has secured the VASP licence from VARA for Exchange Services, covering spot trading.The company established its international headquarters in Dubai in 2022.
The scope is narrower than a full-service authorisation. The approval covers exchange services, including crypto spot trading, but derivatives trading was not included.Peter Loo, Bybit's Chief Legal and Compliance Officer, said the company hopes in time to expand its licensed activities to include derivatives, subject to the necessary regulatory approvals.
Co-founder and CEO Ben Zhou said Dubai has made significant progress in building a regulatory environment for virtual assets.He added that Bybit will build its business in line with the standards set by VARA.
The Dubai approval is not Bybit's first in the UAE. In 2025, CoinDesk reported that Bybit secured a Virtual Asset Platform Operator License from the UAE's Securities and Commodities Authority.CoinDesk noted that many crypto firms in Dubai are regulated under the VARA framework, while the SCA regime applies on the UAE mainland and is wider in scope.
The licence also comes during a busy year for Bybit's regulatory work. The company said it has secured five new licences and regulatory approvals this year outside Dubai, including in the European Union, the Cayman Islands, Indonesia, South Africa and El Salvador.
There is a discrepancy between the company's announcement and the public record. FinanceFeeds reported that VARA's public register still listed Bybit Fintech FZE as holding In-Principle Approval, not a full VASP licence.VARA says an in-principle approval is conditional and prohibits the holder from operating or servicing clients until it obtains the full licence.FinanceFeeds suggested the gap may reflect a delay in updating the register.
Readers should treat the company's statement and the regulator's record as separate until VARA's register is updated. For Bybit users in the UAE, the practical effect will depend on the final licensed scope, which currently centres on spot trading.
