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CEO states that Bybit's MVP license in Dubai is highly limited.

CEO states that Bybit’s MVP license in Dubai is highly limited.

Bybit FinTech FZE, a subsidiary of cryptocurrency exchange Bybit, has received a preparatory license from Dubai’s Virtual Assets Regulatory Authority (VARA). The license allows Bybit to service a restricted set of accredited investors, but the exchange is working towards acquiring a full market product license in Dubai. Once fully licensed, Bybit plans to offer a full-scope digital asset exchange, providing all services available within the license. Bybit’s CEO, Ben Zhou, stated that Dubai offers a level playing field for businesses of all sizes and sectors and that the Emirate’s future-ready mindset helps attract investors and funds looking for a stake in the digital economy. Bybit has also acquired a license to operate as an exchange and custody service in Cyprus and received pre-approval in Kazakhstan to operate as a digital asset trading facility and custody services provider.