The crypto exchange established its headquarters in Dubai two years ago.
Although the provisional license is non-operational, it is a step closer to obtaining a full license.
Bybit, one of the top global crypto exchanges, has obtained a provisional license from the Dubai regulator, only two years after establishing its headquarters in the Middle Eastern city. This move brings the platform closer to becoming a fully licensed Virtual Asset Service Provider (VASP) in Dubai.
Strengthening Dubai Presence
Announced today (Monday), the provisional license is non-operational and was issued by the Virtual Asset Regulatory Authority (VARA). Last year, Bybit also obtained a preliminary Minimum Viable Product (MVP) license in Dubai, marking its journey towards becoming a fully licensed company in the jurisdiction.
“Dubai's strategic location, progressive policies, and innovation-driven environment offer unparalleled opportunities for businesses and investors in the cryptocurrency sector,” said Helen Liu, Chief Operating Officer of Bybit.
Dubai aims to attract the cryptocurrency sector with a clear set of regulatory frameworks. In 2021, VARA was established under the Dubai Virtual Asset Regulation Law, positioning Dubai as one of the global crypto hubs. The move has been successful, with several major crypto brands, including Binance, Crypto.com, and Blockchain.com, receiving licenses from the jurisdiction.
“With its robust regulatory framework and commitment to becoming a blockchain capital, Dubai is the ideal place to advance digital currencies and foster growth in this exciting industry.”
Last month, Bybit also strengthened its Dubai presence by extending its partnership with the Dubai Multi Commodities Centre (DMCC), transitioning from being a key ecosystem partner to an advisory role.
A Major Crypto Exchange
According to Coinmarketcap.com, Bybit handled over $3.8 billion in crypto trading volume in the past 24 hours, while the derivatives volume surpassed $16.2 billion, second only to Binance.
Further, a report published by Kaiko highlighted that Bybit’s market share surged from 8 percent in October 2023 to 16 percent in June 2024, the highest growth rate among top exchanges. Coinbase’s market share increased by just a single percentage point, from 7 percent to 8 percent in the same period. Bybit’s demand surpassed the volume handled by Coinbase last March.
However, Binance lost market share, with its dominance declining to 54 percent of total volume in June, compared to 60 percent last October.
Bybit, one of the top global crypto exchanges, has obtained a provisional license from the Dubai regulator, only two years after establishing its headquarters in the Middle Eastern city. This move brings the platform closer to becoming a fully licensed Virtual Asset Service Provider (VASP) in Dubai.
Strengthening Dubai Presence
Announced today (Monday), the provisional license is non-operational and was issued by the Virtual Asset Regulatory Authority (VARA). Last year, Bybit also obtained a preliminary Minimum Viable Product (MVP) license in Dubai, marking its journey towards becoming a fully licensed company in the jurisdiction.
“Dubai's strategic location, progressive policies, and innovation-driven environment offer unparalleled opportunities for businesses and investors in the cryptocurrency sector,” said Helen Liu, Chief Operating Officer of Bybit.
Dubai aims to attract the cryptocurrency sector with a clear set of regulatory frameworks. In 2021, VARA was established under the Dubai Virtual Asset Regulation Law, positioning Dubai as one of the global crypto hubs. The move has been successful, with several major crypto brands, including Binance, Crypto.com, and Blockchain.com, receiving licenses from the jurisdiction.
“With its robust regulatory framework and commitment to becoming a blockchain capital, Dubai is the ideal place to advance digital currencies and foster growth in this exciting industry.”
Last month, Bybit also strengthened its Dubai presence by extending its partnership with the Dubai Multi Commodities Centre (DMCC), transitioning from being a key ecosystem partner to an advisory role.
A Major Crypto Exchange
According to Coinmarketcap.com, Bybit handled over $3.8 billion in crypto trading volume in the past 24 hours, while the derivatives volume surpassed $16.2 billion, second only to Binance.
Further, a report published by Kaiko highlighted that Bybit’s market share surged from 8 percent in October 2023 to 16 percent in June 2024, the highest growth rate among top exchanges. Coinbase’s market share increased by just a single percentage point, from 7 percent to 8 percent in the same period. Bybit’s demand surpassed the volume handled by Coinbase last March.
However, Binance lost market share, with its dominance declining to 54 percent of total volume in June, compared to 60 percent last October.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
Revolut Expands Crypto Offerings with Planned Stablecoin Launch
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
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In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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