After receiving is preliminary approval for a license, Bybit has jumped to the next stage with a minimum viable product preparatory license from Dubai’s virtual asset regulatory authority ( VARA). VARA placed ByBit on its public registery. This comes after global crypto exchange ByBit partnered with UAE’s DMCC freezone to offer financial support totaling $136,000 for new crypto businesses looking to set up in the DMCC crypto center. Bybit's pledge of financial support in the amount of $136,000 will be used to kickstart the growth journeys of 15 new Web3 companies at the DMCC Crypto Centre. Again Bybit also supported crypto and blockchain ecosystem in the UAE with the University of Sharjah. Bybit contributed $272.000 equivalent to 1 million AED to establish a scholarship fund to support 20 students to accelerate their academic and research career into fintech and blockchain at the American University of Sharjah. In March 2023 Bybit was one of the global crypto exchanges

    Once again Bybit is supporting the crypto and blockchain ecosystem in the UAE. Yesterday it was with DMCC crypto center, and today it is with the University of Sharjah. Bybit has contributed $272.000 equivalent to 1 million AE to establish a scholarship fund to support 20 students to accelerate their academic and research career into fintech and blockchain at the American University of Sharjah. 20 computer science and computer engineering students will benefit from the Bybit Scholarship as soon as this fall. Bybit is also committed to broader initiatives including an extra AED 100,000 to sponsor a hackathon for the blockchain community in the UAE. The first AUS-Bybit Inter-College Hackathon will be held at the AUS College of Engineering in the 2023-2024 academic year. “AUS’ reputation as a center for education excellence stems in part from its strong industry links that allows it to continuously bridge gaps between industry and academia. Through this partnership with Bybit

    Global crypto exchange ByBit has partnered with UAE’s DMCC freezone to offer financial support totaling $136,000 for new crypto businesses looking to set up in the DMCC crypto center. Bybit's pledge of financial support in the amount of $136,000 will be used to kickstart the growth journeys of 15 new Web3 companies at the DMCC Crypto Centre. To qualify for this opportunity, start-ups must successfully pass the standard compliance and due diligence checks required by DMCC. Bybit will become the listing partner for the Crypto Centre, with the company providing dedicated support for crypto firms looking to list digital assets on one of the top global exchanges. Additionally, the partnership will bring Bybit Services to Crypto Centre members. Bybit currently has its headquarters in Dubai UAE and boasts of 15 million users. Bybit will also participate in the DMCC Crypto Centre’s educational initiatives by delivering webinars and educational courses about the digital assets ind

  Global Crypto exchanges, Huobi, Bybit, Equiti, and OKx have all made it to the MVP ( Minimum Viable Product) provisional phase of VARA’s regulatory journey, while crypto.com  and Binance have moved one step forward to the preparatory license phase.  As per VARA the MVP License is a 3-stage process starting with a (1) Provisional Permit; graduating to a (2) Preparatory License and concluding with an (3) Operating License. Applicants that are already in the MVP process will be advised by VARA to either continue within the MVP licensing process and/or be transitioned to the FMP Licensing process, ensuring a seamless transition with a focus on efficiency. So far as per VARA the only crypto exchanges in the second phase under preparatory license are Binance and crypto.com. Binance is also in preparatory phase for its payments offering.  VARA recently announced that Crypto.com move to the preparatory phase of the license after graduating from the provisional phase.  As per the release,