Bybit, the world’s second-largest cryptocurrency speech by trading volume, has secured a Virtual Asset Platform Operator License from the Securities and Commodities Authority (SCA) of the United Arab Emirates (UAE), the speech said connected Thursday.

Bybit becomes the archetypal crypto speech to get this afloat licence from the SCA, the institution said successful a property statement.

A fig of crypto firms with operations successful Dubai are regulated nether the VARA framework. The SCA regularisation is wider successful scope arsenic it applies connected the UAE mainland, and applies to entities extracurricular Dubai’s jurisdiction nether VARA. (ByBit besides has a provisional licence nether the VARA framework.)

Under the SCA’s Virtual Asset Platform Operator License, Bybit volition connection regulated virtual plus trading, brokerage, custody, and fiat conversion services to some retail and organization clients crossed the UAE.

The speech plans to grow its section footprint by establishing a larger determination operations halfway successful Abu Dhabi with implicit 500 employees crossed Abu Dhabi and Dubai, accelerating section hiring crossed compliance, operations, and lawsuit service, and introducing caller acquisition and Web3 innovation programs successful collaboration with section partners, the speech said.

Bybit initially received its In-Principle Approval (IPA) from the SCA successful February 2025 with the assistance of the Blockchain Centre, Abu Dhabi, successful navigating SCA’s framework. Earlier this year, Bybit snagged a Markets successful Crypto Assets (MiCA) license, and the steadfast besides resumed afloat trading operations successful India successful September.

“Receiving the afloat Virtual Asset Platform Operator License from the SCA is simply a testament to Bybit’s unwavering committedness to gathering assurance done compliance and transparency,” said Bybit CEO Ben Zhou successful a statement.