Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has obtained a virtual asset platform operator license from the United Arab Emirates (UAE) Securities and Commodities Authority (SCA), the exchange announced on Thursday.
Bybit becomes the first crypto exchange to obtain this full license from the SCA, the company said in a press release.
A number of crypto companies operating in Dubai are regulated under VARA. The SCA regulations are broader in scope as they apply in the UAE mainland and apply to entities located outside of Dubai’s jurisdiction under VARA. (ByBit also has a provisional license under VARA.)
Under the SCA’s Virtual Asset Platform Operator License, Bybit will offer regulated virtual asset trading, brokerage, custody and fiat conversion services to retail and institutional clients across the UAE.
The exchange plans to expand its local footprint by establishing a larger regional operations center in Abu Dhabi with over 500 employees in Abu Dhabi and Dubai, accelerating local recruitment in the areas of compliance, operations and customer service, and introducing new Web3 education and innovation programs in collaboration with local partners, the exchange said.
Bybit initially received its In-Principle Approval (IPA) from the SCA in February 2025 with the assistance of the Abu Dhabi Blockchain Centre, to navigate the SCA framework. Earlier this year, Bybit obtained a Markets in Crypto Assets (MiCA) license, and the company also resumed all its business operations in India in September.
“Receiving the full Virtual Asset Platform Operator License from the SCA demonstrates Bybit’s unwavering commitment to building trust through compliance and transparency,” said Ben Zhou, CEO of Bybit, in a statement.
