Bybit Wins VARA Licence for Spot Crypto Trading in Dubai
The Virtual Asset Service Provider licence goes to Bybit Fintech FZE and covers exchange services, with derivatives next on the company's list.
Bybit has secured a Virtual Asset Service Provider licence from Dubai's Virtual Assets Regulatory Authority, clearing the exchange to offer spot crypto trading in the emirate. The licence was issued to Bybit Fintech FZE, the company's local entity, and covers exchange services.
Dubai has held Bybit's international headquarters since 2022, and the approval brings the local arm under the emirate's virtual asset rulebook.
Ben Zhou, Bybit's co-founder and chief executive, said Dubai had made significant progress in building a regulatory environment for virtual assets. The company was pleased to take its next step in the city, he said.
Bybit now wants to extend its licensed activities in Dubai to derivatives, subject to regulatory approval. Peter Loo, chief legal and compliance officer, said derivatives account for a large share of Bybit's global trading business, and that the firm plans to bring more of its offering to Dubai through the appropriate regulatory process.
Elsewhere, Bybit obtained licences or regulatory approvals in 2026 in the EU, the Cayman Islands, Indonesia, South Africa and El Salvador. The company said it will keep investing in compliance, security and risk management as it enters new markets, and will develop its Dubai services in line with applicable regulatory requirements.
Derivatives are the part to watch. Exchange services are the entry point; a derivatives permission would put a larger slice of Bybit's global trading activity under Dubai supervision, and would show how far the regulator is prepared to go with leveraged products.
