ByBit CEO says MVP license in Dubai is very restricted.

The CEO of cryptocurrency exchange Bybit, which is headquartered in Dubai, has said that the company’s current licensing doesn’t permit it to serve all customers. Bybit FinTech FZE, a subsidiary of the global exchange Bybit, has received a Minimum Viable Product (MVP) preparatory license from Dubai’s Virtual Assets Regulatory Authority (VARA). However, Bybit is working to gain a full market product (FMP) license in Dubai so that it can operate for the full spectrum of customers in the United Arab Emirates. Once fully licensed, Bybit plans to offer all services available within that license, including advisory, broker-dealer, custody and exchange services, lending and borrowing, payments and remittances services, as well as investment services. Bybit’s recent regulatory developments follow the opening of new headquarters in Dubai and the receipt of in-principle approval from VARA in 2022.

Bybit is expanding its global reach with regulators, acquiring a license to operate as an exchange and custody service in Cyprus. It also received pre-approval in Kazakhstan to operate as a digital asset trading facility and custody services provider. The CEO said the company is closely monitoring developments in key jurisdictions like the United Kingdom, Hong Kong and the European Union.

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