Bybit, a cryptocurrency exchange, has obtained a Virtual Asset Platform Operator License from the UAE regulator after receiving in-principle approval eight months ago. This approval allows Bybit to offer its services in the region, following similar licensing approvals in Austria and India earlier this year. Bybit’s CEO emphasized the company’s commitment to compliance and transparency.

The UAE is positioning itself as a global leader in digital asset regulation, with Dubai and the UAE attracting major crypto companies due to their regulatory environment. Bybit previously faced a significant hack in February, resulting in the theft of over $1.4 billion worth of Ether. The company is now focused on expanding its presence in the UAE and other regions.

Dubai’s Virtual Assets Regulatory Authority and the UAE’s Securities and Commodities Authority are collaborating on unified crypto regulations, including licensing reciprocity. Bybit was previously granted a non-operational license in Dubai and is now seeking full approval to operate in the region. This move highlights the growing importance of regulatory compliance in the crypto industry.

Read more at Cointelegraph: Bybit Secures Regulatory Approval in UAE