Bybit Strengthens its Position in the Middle East with Provisional VASP License in Dubai

Major cryptocurrency exchange Bybit has gained a significant foothold in the market with its provisional Virtual Asset Service Provider (VASP) license in Dubai. The exchange’s recent acquisition in Dubai has prompted it to step up its efforts in the cryptocurrency industry, which is currently one of the largest in Europe and Asia.

In 2022, Bybit plans to move its international headquarters back to Dubai, a significant player in the cryptocurrency world. The exchange’s partnership with the Virtual Assets Regulatory Authority (VARA) has been enabling it to expand internationally. Bybit is the second-largest exchange in the Middle East and North Africa (MENA) region by transaction volume, with an impressive trading volume of $33.5 billion as of April 2023.

The exchange has demonstrated its commitment to offering a secure, reliable, and user-friendly platform for trading cryptocurrency. Additionally, Bybit has renewed its VASP license with the Dubai Multi Commodities Crypto Centre (DMCC), which is expected to further its involvement in the UAE crypto space. Bybit will leverage the DMCC’s expertise and resources to expand its offerings and better serve its customers in the region.

The exchange has achieved impressive levels of spot market trading volume, with a spot value of $3.87 billion, and derivatives trading volumes nearing $16 billion. It holds 16% of the crypto exchange market, is fourth in size by market capitalization, while being the 2nd largest in spot trade. Binance still holds the 54% market share and $39.5 billion in derivatives trading volume, whereas Bybit’s growth is evident.

Dubai has become a hub for cryptocurrency and blockchain-related events, including the Blockchain Life Dubai conference, which brings together industry figures and enthusiasts from around the globe. Several initiatives have been launched in the city to foster innovation and entrepreneurial spirit, including the Blockchain for Good Alliance (BGA), which brings together groups like the Solana Foundation, Harvard Blockchain Club, Aptos, and Alchemy Pay to promote the use of blockchain technology for social good.

Additionally, the Toncoin (TON) network has successfully integrated Telegram users to Web3. Bybit’s provisional VASP license and renewed partnership with the DMCC are crucial in creating a strong presence in the Middle East, as they can boost cryptocurrency user numbers and accelerate adoption.

Learn more about Bybit’s growth and the cryptocurrency market by checking out our article on CoinSeeks.com.