Cryptocurrency exchange Bybit announced on October 22, 2026, that it has received a Virtual Asset Service Provider (VASP) license for spot trading from the Dubai Virtual Assets Regulatory Authority (VARA). This license allows the company to conduct spot trading operations and expands its locally regulated activities. According to VARA's public register, Bybit Fintech FZE is registered as an active licensed provider, serving three categories of investors: retail, qualified, and institutional. CEO Ben Zhou noted that the approval is another step in Bybit's commitment to its headquarters in Dubai and highlighted the emirate's progress in developing digital asset regulations.
The license, issued on June 20, 2026, is limited to spot services only, and Bybit plans to separately request permission for trading derivatives, as this is crucial for its global business. Zhou also emphasized that Bybit has been actively participating in local blockchain industry initiatives, partnerships, and knowledge exchange programs since opening its regional office. The Bybit platform serves over 80 million users worldwide, although it is unclear how many of them will be able to access services through the licensed division in Dubai.
In 2026, the company also reported obtaining five other licenses and business permits in various jurisdictions, including the European Union, the Cayman Islands, Indonesia, South Africa, and El Salvador. In the latest announcement, Bybit did not provide individual permit numbers or delineate services related to each jurisdiction. The expansion comes amid increased licensing activity in Dubai: Payward, the parent company of Kraken, received full approval in October, and Flowdesk obtained a brokerage license in August. Bybit continues to invest in compliance, security, and risk management worldwide, including future discussions with VARA regarding derivative services. Zhou noted that obtaining the VARA license is an important step in building long-term relationships with local authorities.
This material is prepared solely for informational purposes and does not constitute financial advice or a recommendation.
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