Bybit, the world's second-largest cryptocurrency alternate by buying and selling quantity, has acquired a digital asset platform operator license from the Securities and Commodities Authority (SCA) of the United Arab Emirates (UAE), the alternate introduced on Thursday.
Bybit would be the first crypto alternate to obtain a full license from the SCA, the corporate mentioned in a press assertion.
Many crypto corporations working in Dubai are regulated below the VARA framework. The SCA laws are broad in scope as they apply to the UAE mainland, and below VARA additionally they apply to entities exterior the jurisdiction of Dubai. (ByBit additionally has a provisional license based mostly on the VARA framework.)
Beneath SCA's Digital Asset Platform Operator License, Bybit will present regulated digital asset buying and selling, brokerage, custody and fiat conversion providers to each retail and institutional shoppers throughout the UAE.
The alternate mentioned it plans to develop its native footprint by establishing a big regional operations heart in Abu Dhabi with greater than 500 workers in Abu Dhabi and Dubai, accelerating native hiring within the areas of compliance, operations and customer support, and dealing with native companions to introduce new schooling and Web3 innovation packages.
Bybit acquired its first In-Precept Approval (IPA) from the SCA in February 2025, with help from the Abu Dhabi Blockchain Middle in navigating the SCA's framework. Earlier this yr, Bybit acquired its Market in Cryptocurrency (MiCA) license and totally resumed buying and selling operations in India in September.
“Acquiring a full digital asset platform operator license from the SCA is a testomony to Bybit's unwavering dedication to constructing belief by means of compliance and transparency,” Bybit CEO Ben Zhou mentioned in an announcement.
