Bybit Secures Regulatory Approval in UAE
Cryptocurrency exchange Bybit has obtained a Virtual Asset Platform Operator License from the Securities and Commodities Authority of the UAE, eight months after receiving in-principle approval. This license allows Bybit to offer its global products and services in the region. CEO Ben Zhou emphasized that this approval demonstrates Bybit's commitment to compliance and transparency in a landscape that is rapidly evolving. The UAE continues to position itself as a leader in digital asset regulation, which has attracted many global crypto companies. Bybit also registered in India earlier this year and faced challenges, including a significant cyber attack in February that resulted in the theft of over $1.4 billion in Ether. The region's unified regulatory framework aims to simplify the process for crypto companies, and Bybit's full operational license aligns with efforts to enhance governance and security in the sector.
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