Bybit has achieved a major milestone by securing the Virtual Asset Platform Operator License from the United Arab Emirates’ Securities and Commodities Authority (SCA), making it the first international crypto exchange to receive federal-level authorization in the country. This development solidifies Bybit’s position as a key player in the Middle East’s rapidly evolving digital asset landscape.
Following months of coordination with both the SCA and Dubai’s Virtual Asset Regulatory Authority (VARA), Bybit’s new status marks a significant regulatory shift. Initially pursuing licensing through VARA, the company redirected its focus to the federal regulator after a security incident earlier this year. The SCA’s public registry now lists Bybit as an active Virtual Asset Platform Operator, confirming its full regulatory standing.
Beyond licensing, Bybit is expanding its physical presence in the UAE by establishing a large-scale regional operations center in Abu Dhabi. The company plans to employ over 500 professionals across Abu Dhabi and Dubai, emphasizing local recruitment and specialized training in compliance, operations, and customer service. This expansion aligns with the UAE’s broader strategy to position itself as a global hub for blockchain and financial innovation.
The Abu Dhabi Blockchain Center (ADBC) hailed Bybit’s announcement as a “historic milestone,” highlighting plans for joint education programs and Web3 innovation initiatives to strengthen the country’s digital economy. Bybit’s new license permits the exchange to offer regulated services, including virtual asset trading, custody, brokerage, and fiat conversion for both retail and institutional clients throughout the UAE.
Bybit CEO Ben Zhou described the achievement as “a pivotal milestone” in the company’s global regulatory roadmap, reinforcing its commitment to trust, transparency, and compliance. Helen Liu, Global Head of Government Relations, expressed appreciation to the SCA for providing a clear regulatory framework, signaling deeper collaboration between Bybit and UAE authorities.
However, questions remain regarding the coexistence of Bybit’s SCA license and its in-principle approval from VARA. Industry observers are watching closely to see whether this dual status reflects a transitional phase or a coordinated licensing model between Dubai and federal regulators.
Bybit’s expansion and regulatory progress demonstrate the UAE’s growing influence as a center for virtual asset innovation, combining robust compliance frameworks with an ambition to attract global fintech leaders.