Bybit, one of many prime world crypto exchanges, has obtained a provisional license from the Dubai regulator, solely two years after establishing its headquarters within the Center Japanese metropolis. This transfer brings the platform nearer to changing into a completely licensed Digital Asset Service Supplier (VASP) in Dubai.
Strengthening Dubai Presence
Introduced right this moment (Monday), the provisional license is non-operational and was issued by the Digital Asset Regulatory Authority (VARA). Final 12 months, Bybit additionally obtained a preliminary Minimal Viable Product (MVP) license in Dubai, marking its journey in direction of changing into a completely licensed firm within the jurisdiction.
“Dubai’s strategic location, progressive insurance policies, and innovation-driven atmosphere supply unparalleled alternatives for companies and buyers within the cryptocurrency sector,” stated Helen Liu, Chief Working Officer of Bybit.
Dubai goals to draw the cryptocurrency sector with a transparent set of regulatory frameworks. In 2021, VARA was established beneath the Dubai Digital Asset Regulation Regulation, positioning Dubai as one of many world crypto hubs. The transfer has been profitable, with a number of main crypto manufacturers, together with Binance, Crypto.com, and Blockchain.com, receiving licenses from the jurisdiction.
“With its strong regulatory framework and dedication to changing into a blockchain capital, Dubai is the best place to advance digital currencies and foster development on this thrilling trade.”
Final month, Bybit additionally strengthened its Dubai presence by extending its partnership with the Dubai Multi Commodities Centre (DMCC), transitioning from being a key ecosystem companion to an advisory function.
A Main Crypto Alternate
In response to Coinmarketcap.com, Bybit dealt with over $3.8 billion in crypto buying and selling quantity up to now 24 hours, whereas the derivatives quantity surpassed $16.2 billion, second solely to Binance.
Additional, a report revealed by Kaiko highlighted that Bybit’s market share surged from 8 % in October 2023 to 16 % in June 2024, the very best development fee amongst prime exchanges. Coinbase’s market share elevated by only a single proportion level, from 7 % to eight % in the identical interval. Bybit’s demand surpassed the amount dealt with by Coinbase final March.
Nevertheless, Binance misplaced market share, with its dominance declining to 54 % of complete quantity in June, in comparison with 60 % final October.
This text was written by Arnab Shome at www.financemagnates.com.
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