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...

  Gemini crypto exchange announced that it has commenced with the process of acquiring a crypto exchange license in the UAE to better serve customers based in the country. According to Gemini post, “ As a forward-thinking, global financial hub, the UAE is continuing its tradition of leadership by establishing itself as a fast-emerging hub for crypto. By applying for a license, we will be taking another step towards making Gemini a truly global company and advancing our mission to unlock the next era of financial, personal, and creative freedom for all.” In the week of June 11 th 2023, Gemini met with stakeholders thought the region to learn more about the local regulatory requirements and the needs of crypto users. Gemini added, “ As part of Gemini’s 2022 Global State of Crypto Report, we took a look at adoption of crypto globally across 20 countries. We found that those in the UAE were rapidly acquiring crypto and putting it to use making in-person purchases. We also foun...

  Capex.com, which already holds a brokerage license in Abu Dhabi’s ADGM FSRA has now been granted an in principle approval for a cryptocurrency license from Abu Dhabi Global Markets. CAPAX.com’s Founder and CEO, Octavian Pătrașcu, revealed that the new license will strengthen the brokerage platform’s cryptocurrency offerings in the lucrative Middle East and the North Africa (MENA) region. He stated on LinkedIN , “We are happy that we can start this new vertical under Capex.com and become closer to our main goal of offering a powerhouse of trading for our users, under one roof.” Crypto approval came in addition to the broker’s existing license from the ADGM Financial Services Regulatory Authority (FSRA), gained in 2020, with which it offers traditional trading instruments. Capex platform's offerings are primarily trading services with forex and contracts for differences (CFDs) instruments of other popular asset classes. The platform quickly added crypto products as well, with...