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Bybit obtains virtual asset platform operator license from UAE SCA
According to Foresight News, Bybit announced that it has obtained a virtual asset platform operator license from the Securities and Commodities Authority (SCA) of the United Arab Emirates. Many cryptocurrency companies operating in Dubai are regulated under the Value Added Regulation Act (VARA) framework. The SCA regulations have a wider scope of application and apply not only to the UAE itself, but also to entities outside Dubai’s jurisdiction. (ByBit also holds a provisional license under the VARA framework.) Under the SCA’s Virtual Asset Platform Operator License, Bybit will provide regulated virtual asset trading, brokerage, custody and fiat currency conversion services to retail and institutional clients across the UAE.
The exchange said it plans to expand its local presence, establishing a larger regional operations center in Abu Dhabi with more than 500 employees in Abu Dhabi and Dubai, accelerating local hiring in compliance, operations and customer service, and working with local partners to launch new education and Web3 innovation initiatives.
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