Bybit's SCA License Elevates UAE as Global Crypto Hub

Bybit has become the first cryptocurrency exchange to receive a full Virtual Asset Platform Operator License from the United Arab Emirates' Securities and Commodities Authority (SCA), marking a significant regulatory milestone in the region. The license, granted under the SCA's comprehensive framework, enables Bybit to offer regulated services-including virtual asset trading, brokerage, custody, and fiat conversion-to both retail and institutional clients across the UAE mainland . This authorization distinguishes Bybit from other exchanges operating under Dubai's Virtual Assets Regulatory Authority (VARA), which covers only Dubai-based entities . The SCA license provides nationwide regulatory coverage, reinforcing the UAE's ambition to position itself as a global hub for digital asset innovation and compliance .

The approval follows Bybit's In-Principle Approval from the SCA in February 2025, achieved with support from the Blockchain Centre in Abu Dhabi . Ben Zhou, Bybit's co-founder and CEO, described the license as a "testament to our commitment to compliance and transparency," emphasizing the UAE's forward-looking regulatory approach as a model for secure digital asset operations . Helen Liu, co-CEO, credited the SCA's structured framework for facilitating the approval, stating the exchange plans to expand its regional presence by establishing a larger operations center in Abu Dhabi. Bybit intends to hire over 500 employees across Abu Dhabi and Dubai, focusing on compliance, operations, and customer service, while collaborating with local partners on Web3 education and innovation programs .

This regulatory win builds on Bybit's 2025 global expansion strategy, which includes securing a Markets in Crypto-Assets (MiCA) license in Europe and resolving compliance issues in India. In September, Bybit resumed operations in India after paying a $1.06 million fine to the Financial Intelligence Unit and re-registering under the Prevention of Money Laundering Act . These steps reflect the exchange's proactive approach to navigating evolving regulatory landscapes, particularly in jurisdictions with stringent oversight. The UAE license further solidifies Bybit's competitive edge, enabling it to offer regulated services across the entire UAE, whereas rivals like Binance and OKX currently operate under provisional VARA licenses limited to Dubai .

The UAE's regulatory environment has seen rapid growth in crypto adoption, with the country ranking first in the 2025 global crypto adoption index after a 210% increase in usage. Over $30 billion in crypto transactions occurred between July 2023 and June 2024, underscoring the region's potential as a digital asset hub . Bybit's entry into this market aligns with broader efforts by the UAE to attract compliant crypto firms. The SCA's license, coupled with Dubai's VARA regime and Abu Dhabi's blockchain-focused policies, creates a multi-jurisdictional framework that both challenges and opportunities for exchanges to navigate .

Bybit's regulatory achievements come amid a backdrop of global scrutiny of crypto exchanges. The exchange faced a $1.4 billion security breach in February 2025 but has since prioritized compliance and transparency in its recovery. Despite the incident, Bybit has continued expanding its regulatory footprint, demonstrating resilience in a sector marked by volatility and evolving oversight . The UAE license, alongside its MiCAR and India approvals, positions Bybit as a leader in aligning with national regulators to ensure long-term operational certainty .

---

Source: [1] The Crypto Times (https://www.cryptotimes.io/2025/10/09/bybit-becomes-first-fully-licensed-crypto-exchange-in-uae/)

[2] CoinCentral (https://coincentral.com/bybit-becomes-first-exchange-to-gain-uaes-full-sca-crypto-license/)

[3] Bitnewsbot (https://bitnewsbot.com/bybit-secures-uae-sca-license-plans/)

[4] Cryptonews (https://cryptonews.com/news/bybit-becomes-first-crypto-exchange-to-secure-uae-sca-virtual-asset-license/)

[5] Coinspeaker (https://www.coinspeaker.com/bybit-becomes-first-crypto-exchange-with-complete-uae-regulatory-approval/)

[6] Cryptopolitan (https://www.cryptopolitan.com/bybit-becomes-first-licensed-exchange-in-the-uae/)

[7] Yahoo Finance (https://finance.yahoo.com/news/bybit-becomes-first-exchange-receive-181737857.html)

[8] Lara on the Block (https://laraontheblock.com/dubai-crypto-regulator-monitoring-and-tracking-bybit-hack-situation/)

[9] Cryptorank (https://cryptorank.io/news/feed/d8999-bybit-becomes-first-crypto-exchange-to-secure-uae-sca-virtual-asset-license)