Bybit gets Dubai’s VARA key: spot opens, derivatives await the green light

Bybit has secured a full Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA), enabling the exchange to provide regulated spot cryptocurrency trading services in Dubai.

The approval does not cover derivatives trading, which requires separate regulatory approval. Bybit is engaged in ongoing discussions with the Dubai regulator regarding an expansion of its licensed activities, according to Peter Loo, the exchange’s chief legal and compliance officer.

“In time, we also hope to expand our licensed activities to include derivatives, subject to the necessary regulatory approvals,” Loo said. He explained that derivatives account for a major part of Bybit’s global trading business and that the company wants to introduce the product in Dubai through the proper licensing process.

Bybit CEO Ben Zhou welcomed the approval and said Dubai had made great strides in regulating virtual assets. “Our goal is to keep supporting the digital asset community in Dubai and to establish our business in the footsteps of the standards set by VARA,” Zhou said.

The Dubai license follows five other regulatory approvals secured by Bybit across international markets and forms part of the exchange’s wider series of regulatory measures undertaken in 2026.