{"id":48603,"date":"2025-02-28T14:49:24","date_gmt":"2025-02-28T14:49:24","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=48603"},"modified":"2025-02-28T14:49:24","modified_gmt":"2025-02-28T14:49:24","slug":"this-week-in-crypto-asia-bybit-enters-uae-with-in-principle-approval","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=48603","title":{"rendered":"This Week In Crypto Asia: Bybit Enters UAE With In-Principle Approval"},"content":{"rendered":"

Despite being caught in the middle of a massive controversy, post the $1.4 billion hack, Bybit has announced securing an In-Principle Approval (IPA) in the UAE.<\/span><\/p>\n

The Securities and Commodities Authority (SCA) of the UAE gave Bybit the green light to l<\/span>aunch its Virtual Asset Platform.\u00a0<\/span><\/p>\n

According to the company statement,<\/a> the company is also in the final steps to receive its fully operational license soon.<\/p>\n

#Bybit<\/a> Secures Second In-Principle Approval in UAE
Key Points:<\/p>\n

Bybit receives its second in-principle approval from the UAE’s Securities and Commodities Authority (SCA).<\/p>\n

This follows an earlier approval from Dubai’s Virtual Asset Regulatory Authority (VARA) in 2024.\u2026<\/p>\n

\u2014 Crypto Spot (@Crypto1spot) February 27, 2025<\/a><\/p>\n\n

Company Targets Retail And Institutional Investors In UAE<\/h2>\n

On 27 February 2025, the company said, \u201cThis milestone marks a significant step in Bybit\u2019s ongoing mission to provide a secure, stable, and compliant platform for crypto traders in the region.\u201d<\/p>\n

\u201cWe are honoured to have received the IPA from SCA,\u201d said Ben Zhou, Co-founder and CEO of Bybit. \u201cThis approval marks a crucial step in our journey to providing secure and transparent crypto trading solutions.\u201d<\/p>\n

\u201cBybit remains dedicated to working hand-in-hand with regulators to foster a compliant and innovative digital asset ecosystem to both retail and institutional investors in the UAE,\u201d he added.<\/p>\n

The company is looking at the UAE as an emerging global hub for cryptocurrency and blockchain innovation, supported by progressive regulatory frameworks. Bybit is looking to bridge traditional finance with digital assets in the region.<\/p>\n

Explore:\u00a0Bybit Launchpad Review 2025 \u2013 What is Bybit Launchpad?<\/a><\/strong><\/p>\n

Bybit Expands To Kazakhstan, India, Austria<\/h2>\n

Beyond UAE, Bybit continues to secure regulatory approvals worldwide, expanding its presence in key jurisdictions such as India, Georgia, Kazakhstan, Turkey.<\/p>\n

Bybit has announced plans to obtain regulatory licensing in Austria as part of its strategy to expand into new markets while adhering to local compliance standards. T<\/span>he exchange said it is committed to aligning its operations with regional regulations to foster growth in the European market.<\/span><\/p>\n

Furthermore, the company is offering Teslas, Rolex watches and more to increase user base on their platform in Kazakhstan. These offers<\/a> are currently live. Bybit, through these offers, aims to get people interested in digital assets and enhance their investor journey by giving them a chance to win big at the start of their crypto investment career.<\/p>\n

Commenting on the rather generous and unusual offer, Joan Han, Sales and Marketing director at Bybit said, \u201cWe\u2019re excited to offer both the crypto community in Kazakhstan an opportunity to get onboard the Bybit trading journey.\u201d<\/p>\n

Early this month, India\u2019s Financial Intelligence Unit (FIU) imposed a fine of INR 9 Crores, 27 lakhs (approx. $1 million) on the company for violating the Prevention of Money Laundering Act. Bybit experienced a temporary halt of trading activities in India. However, the company has since reported completing all its licensing work. It also paid its penalty amount in full. <\/span>The steps led to the successful unblocking of its website in India. It is now up and running.<\/span><\/p>\n

EXPLORE:\u00a0<\/span>How to Buy Bitcoin in India<\/span><\/a><\/strong><\/p>\n

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Key Takeaways<\/h3>\n


\n <\/span><\/p>\n


\n <\/span>Bybit\u2019s approach aligns seamlessly with the UAE\u2019s progressive regulatory environment, which has positioned the country as a global hub for cryptocurrency and blockchain innovation.
\n <\/span><\/p>\n


\n <\/span>This development marks a crucial step for Bybit as it continues to expand its presence in key financial hubs worldwide.\u00a0<\/span>
\n <\/span><\/p>\n


\n <\/span><\/p>\n

<\/span><\/p>\n<\/div>\n

<\/p>\n

The post This Week In Crypto Asia: Bybit Enters UAE With In-Principle Approval<\/a> appeared first on 99Bitcoins<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Despite being caught in the middle of a massive controversy, post the $1.4 billion hack, Bybit has announced securing an In-Principle Approval (IPA) in the UAE. The Securities and Commodities Authority (SCA) of the UAE gave Bybit the green light to launch its Virtual Asset Platform.\u00a0 According to the company statement, the company is also […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-48603","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/48603"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=48603"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/48603\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48603"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48603"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48603"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}