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Bybit Secures UAE Virtual Asset Platform Operator License

Bybit Secures UAE Virtual Asset Platform Operator License

Bybit has received the full Virtual Asset Platform Operator License from the UAE's Securities and Commodities Authority, enabling the exchange to expand its services in the region.

Summary

Bybit has secured a Virtual Asset Platform Operator License from the UAE's Securities and Commodities Authority, allowing it to offer regulated services such as crypto trading, brokerage, custody, and fiat conversion. The exchange will establish a larger operations center in Abu Dhabi and Dubai, planning to hire over 500 employees and introduce Web3 innovation programs. Bybit aims to further strengthen its commitment to compliance and transparency in the UAE's digital asset market.

Terms & Concepts
  • Virtual Asset Platform Operator License: A regulatory authorization allowing a company to legally offer services involving digital assets, including trading, brokerage, custody, and related operations.
  • Custody Services: Secure storage and management of digital assets on behalf of clients, ensuring protection against theft or loss.
  • Fiat Conversion: The process of exchanging cryptocurrency into traditional government-issued currency or vice versa.