In a significant regulatory milestone, Bybit has obtained a Virtual Asset Platform Operator License from the UAE Securities and Commodities Authority, making it the first crypto exchange to be fully licensed under the UAE's Virtual Asset Service Provider rules.

The licensing process began with an In-Principle Approval from the SCA in February 2025, facilitated by the Blockchain Center in Abu Dhabi, and follows a non-operational license secured in Dubai weeks earlier.

This license allows Bybit to operate regionally across the UAE mainland, extending beyond Dubai's VARA framework, and aligns with the UAE's vision to become a global hub for compliant digital finance.

The approval underscores trust in Bybit's security infrastructure and operational transparency, which is especially notable given the company's security breach earlier this year involving over $1.4 billion worth of Ether.

Bybit's CEO, Ben Zhou, emphasized that this licensing milestone demonstrates the company's commitment to building trust through compliance and transparency, and positions the UAE as a leader in digital asset regulation.

Despite the security breach, Bybit successfully completed the licensing process, reflecting its dedication to regulatory compliance and security improvements.

This achievement is part of Bybit's broader global strategy, which includes securing the MiCAR license in May and resuming full trading operations in India in September.

The company plans to expand its regional presence by establishing a new headquarters in Abu Dhabi, creating over 500 jobs, and launching education and Web3 programs in partnership with local institutions.

This regulatory milestone aligns with the UAE's Vision 2031 and international financial standards, fostering a well-structured environment for digital assets.

Bybit's expansion strategy also includes opening offices in Europe, such as Vienna after securing a MiCA license, and expanding in Vietnam and India, reflecting its broad global growth plans.

Dubai's emergence as a crypto hub, due to its favorable regulatory climate, has contributed to Bybit's regional growth and commitment to high standards of regulation and trust.

The UAE's evolving regulatory environment involves partnerships between Dubai's VARA and the UAE Securities and Commodities Authority to unify crypto regulations and facilitate licensing reciprocity.