Bybit obtains a VARA VASP licence: current status and launch outlook

VASP licence

Bybit Fintech FZE received a Virtual Asset Service Provider (VASP) licence from the Virtual Assets Regulatory Authority (VARA) during the first quarter of 2026. This authorization, recorded in VARA’s public register, permits spot trading in cryptoassets for a diverse customer base that includes institutional investors and individual retail customers. The licence is currently active, but the service itself has yet to launch, as the group still needs to finalize the compliance requirements specific to the jurisdiction in the United Arab Emirates.

VARA’s public register, which is updated regularly, confirms that the licence is valid and indicates that the authorization covers all of the spot trading activities contemplated by Bybit. This transparency allows stakeholders to verify the existence of an official authorization, as distinct from a simple commercial announcement. The existence of the licence does not, however, mean that the underlying blockchain network or the associated smart contracts have been modified; it is solely a regulatory authorization.

Licensing history

Before obtaining its VASP licence, Bybit had already received, in October 2025, an Exchange and Assistance Services (SCA) licence issued by a local authority. This licence specifically excluded the Dubai area, thereby limiting the geographical scope of the initial offering. Obtaining the VASP licence represents a significant development, expanding the scope of Bybit’s activities in the Middle East while remaining compliant with VARA’s requirements.

The licensing history shows that each authorization is subject to its own distinct technical and legal criteria. The SCA licence, for example, did not cover spot trading in cryptoassets, whereas the VASP licence opens the way to this type of activity, subject to compliance with anti-money-laundering procedures and investor protection requirements. These distinctions are essential to understanding that announcing a new licence does not change the consensus of the underlying blockchain network.

Next steps

A Bybit spokesperson said that, despite having obtained the VASP licence, no launch date is planned yet. The group still needs to finalize compliance processes, particularly the implementation of KYC/AML checks, the securing of wallets and the validation of liquidity flows. These steps are essential to ensuring that the service meets VARA’s requirements and protects investors against operational risks.

In the meantime, users can follow official updates published by VARA and Bybit. The transparency of VARA’s public register makes it possible to check the status of the licence at any time, while Bybit will continue to communicate progress on its compliance work. No technical change to the blockchain network, such as adding new smart contracts or modifying the consensus mechanism, is being announced in connection with this licence.