Norton Rose Fulbright Advised Bybit On Securing Dubai's Virtual Asset Exchange License
Norton Rose Fulbright Advised Bybit On Securing Dubai's Virtual Asset Exchange License
Norton Rose Fulbright Has Advised Cryptocurrency Exchange Bybit in Obtaining a Provisional (Non-Operational) Approval for a Virtual Asset Exchange Services License from the Virtual Assets Regulatory Authority (VARA) in Dubai.
As the World’s Second-Largest Cryptocurrency Exchange by Trading Volume, Bybit Stands Among a Select Group of Regulated Cryptocurrency Service Providers in the UAE. Since Its Establishment in 2018, Bybit Has Delivered a Professional Platform Featuring an Ultra-Fast Matching Engine, Round-the-Clock Customer Service, and Support for a Multilingual Community of Investors and Traders.
Norton Rose Fulbright’s Teams in Dubai and Hong Kong Provided Comprehensive Assistance to Bybit on All Regulatory Matters Associated with the Provisional License. This Achievement Marks a Significant Milestone in Bybit's Journey Toward Securing Full Operational Approval in Dubai and Is a Crucial Step in Its Global Expansion Strategy. The Firm Also Facilitated Bybit's Entry into the UAE Market and the Establishment of Its International Headquarters in Dubai in 2022.
The Dubai Team Was Led by Financial Services Partner Matthew Shanahan, Supported by Associate Hasanali Pirbhai. The Hong Kong Team Included Corporate Partner Harold Tin and Senior Registered Foreign Lawyer Ying Yeo.
Matthew Shanahan Expressed Enthusiasm About Bybit's Rapid Growth, Stating, "Since Setting Up Its Global Headquarters in Dubai in 2022, Bybit Has Quickly Become a Leading Contributor to the Emirate’s Flourishing Crypto and Web3 Sector. It’s Exciting to See the Crypto, FinTech, and Wider Financial Services Sectors Continue to Expand Across the Middle East."
Harold Tin Added, "We Are Honored to Advise Our Long-Standing Client Bybit Again as It Further Establishes Itself Within the Middle East Region, Drawing Upon Our Cross-Border FinTech and Multi-Disciplinary Experience, and Financial Services Regulatory Knowledge. We Look Forward to Continuing to Support Our Client in Its Growth Trajectory and Helping It to Achieve Its Business Objectives."
