ByBit's MVP license in Dubai "very restricted", says CEO

Once fully licensed in Dubai, Bybit plans to run a comprehensive exchange, offering crypto lending, payments, investments and other services. News Join us on social networks

Bybit, the Dubai-based cryptocurrency exchange, already operates out of Dubai, but its current license does not allow the company to serve all customers, according to Bybit's CEO.

Bybit FinTech FZE, a subsidiary of global exchange Bybit, announced on June 27 that it had received the Minimum Viable Product (MVP) Preparatory License from Dubai's Virtual Assets Regulatory Authority (VARA).

According to the CEO, Bybit is currently working hard to obtain a Full Marketplace Product License (FMP) in Dubai, which will allow the exchange to work for a wide range of customers in the UAE.

"Bybit is already operating out of Dubai, the MVP license only allows Bybit to serve a very limited set of accredited investors," Bybit co-founder and CEO Ben Zhou told Cointelegraph.

“I am pleased with our progress as VARA demonstrates an interest and passion for innovation and entrepreneurship,” Zhou said, adding that the authority has been proactively seeking feedback from entrepreneurs.

Once fully licensed in Dubai, Bybit plans to operate a comprehensive virtual asset exchange, providing "all services available under this license", the CEO said. According to official VARA data, these services include advisory, brokerage, custody and exchange services, lending and borrowing, payment and funds transfer services, and investment services.

"Dubai provides a level playing field for businesses of all sizes and across industries," Zhou noted, adding that the UAE and Dubai were actively working to clarify regulations while advocating for the protection of investors. He added:

"Emirates' future-ready mindset helps attract investors and funds seeking a stake in the digital economy and that's why it's the perfect place for Bybit [...] "test-adapt-scale" virtual asset market model sets an attractive proposition for foreign direct investment.

Bybit's latest regulatory developments come shortly after the comp...