Bybit, the second largest crypto exchange globally, has received a virtual asset platform operator license from the UAE’s Securities and Commodities Authority (SCA), while still having an in principle approval from Dubai’s Virtual Asset Regulatory Authority VARA for almost two years. Under the SCA’s Virtual Asset Platform Operator License, Bybit will offer regulated virtual asset trading, brokerage, custody, and fiat conversion services to both retail and institutional clients across the UAE.
As per the Bybit announcement, it is the first crypto exchange to obtain this full license from UAE SCA. Bybit initially received its In-Principle Approval (IPA) from the SCA in February 2025 with the help of the Blockchain Centre, Abu Dhabi, in navigating SCA’s robust framework.
Ben Zhou, Co-founder and CEO of Bybit, said, “Receiving the full Virtual Asset Platform Operator License from the SCA is a testament to Bybit’s unwavering commitment to building trust through compliance and transparency. At Bybit, we see regulation as the foundation for sustainable growth. This milestone marks another step forward in our global regulatory roadmap, from MiCAR in Europe to India and now the UAE, as we continue to set new benchmarks for a secure and responsible digital asset ecosystem.”
Helen Liu, Co-CEO of Bybit, thanked SCA for their trust and support throughout the licensing process, and noted that SCA’s has a clear, well structured regulatory framework that provides a strong foundation for global exchanges to operate with confidence and clarity.
UAE SCA and VARA had announced unification of Virtual Asset policy frameworks
In August 2025, VARA and UAE SCA announced their aspirations to unify virtual asset policy frameworks, through a comprehensive strategic regulatory partnership. This initiative aimed to unify efforts and harmonize policy frameworks within the virtual asset space to elevate governance standards and enhance supervisory integration across the nation.
The announcement noted that both parties has increased their coordination efforts, which would culminate in the establishment of a framework agreement for strategic regulatory cooperation between the two entities encompassing supervision, oversight, information exchange, and mutual recognition of virtual asset service provider (VASP) licenses.
So it would seem that VARA due to the acceptance of mutual recognition of VASP license will soon recognize Bybit as a licensed crypto exchange.
Bybit to expand UAE footprint into Abu Dhabi with over 500 employees
Bybit plans to expand its local footprint by establishing a larger regional operations center in Abu Dhabi with over 500 employees across Abu Dhabi and Dubai, accelerating local hiring across compliance, operations, and customer service, and introducing new education and Web3 innovation programs in collaboration with local partners.
SCA licensed Emirates Coin Investment before Bybit
In June 2025, Emirates Coin Investment LLC (EmCoin) based out of Abu Dhabi UAE, became the first regulated integrated investment platform to offer both crypto investments as well as traditional assets such as equities, commodities, and even ICOs. Regulated by the UAE Securities and Commodities Authority, Emirates Coin Investment will be able to serve the entire UAE. As per the press release, this marks a bold new chapter in the UAE’s financial journey ushering in a smarter, safer, and more inclusive era for investors of all levels.
EmCoin will launch a cutting-edge investment platform that brings together digital assets and traditional finance all within a single, seamless mobile experience. Users will be able to trade Virtual Assets, invest in UAE and global equities, buy commodities, and access expert-managed portfolios with full transparency and trust.
