Bybit has received In-Principle Approval (IPA) from the Securities & Commodities Authority (SCA) of the United Arab Emirates to establish itself as a Virtual Asset Platform Operator in the country. The approval, granted on Feb. 18, 2025, marks a significant step towards Bybit obtaining a full operational license.
Bybit Moves Closer to Full Operational Approval
The IPA enables Bybit to progress towards offering a range of digital asset services to both retail and institutional clients in the UAE. The exchange is now in the final stages of acquiring a fully operational license, further advancing its mission to provide a compliant and secure platform for cryptocurrency trading. This development also reflects Bybit’s commitment to maintaining high regulatory standards as it navigates the approval process with the SCA.
“We are honored to have received the IPA from SCA. This approval marks a crucial step in our journey to providing secure and transparent crypto trading solutions,” said Ben Zhou, Co-founder and CEO of Bybit. “Bybit remains dedicated to working hand-in-hand with regulators to foster a compliant and innovative digital asset ecosystem for both retail and institutional investors in the UAE,” he added.
UAE's Growing Crypto Hub
The United Arab Emirates is rapidly emerging as a global hub for cryptocurrency and blockchain innovation, supported by progressive regulatory frameworks. Bybit’s strategic move into the UAE market aligns with its vision to bridge traditional finance with digital assets while adhering to global compliance standards, including Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) protocols.
Bybit’s expansion in the UAE follows its successful regulatory approvals in other Middle Eastern markets, reinforcing its commitment to compliance in key financial hubs. The exchange continues to secure regulatory licenses worldwide, including in India, Georgia, Kazakhstan, and Turkey, as part of its strategy to broaden its reach while maintaining high security and compliance standards.
With the IPA in place, Bybit will enhance its presence in the UAE, contributing to the country’s growing status as a leading destination for cryptocurrency and blockchain enterprises.
