Partner, Solicitorsjournal

Norton Rose Fulbright supports Bybit's growth

2 Oct 2024Announcements

Norton Rose Fulbright has assisted Bybit in securing a provisional license from Dubai’s VARA

Global law firm Norton Rose Fulbright has successfully guided Bybit, the world’s second-largest cryptocurrency exchange by trading volume, in obtaining a Provisional (Non-Operational) Approval for a Virtual Asset Exchange Services license from the Virtual Assets Regulatory Authority (VARA) in Dubai. This license is a significant milestone for Bybit, reinforcing its position as a regulated service provider in the UAE’s burgeoning cryptocurrency market.

Founded in 2018, Bybit has rapidly established itself as a prominent player in the cryptocurrency arena, providing a professional trading platform characterised by an ultra-fast matching engine, 24/7 customer service, and support in multiple languages. With the new approval, Bybit joins a select group of regulated cryptocurrency service providers operating within the UAE, a region increasingly recognised for its progressive approach to digital assets.

Norton Rose Fulbright’s teams in Dubai and Hong Kong played a crucial role in assisting Bybit with all regulatory matters related to the provisional license. This achievement marks a pivotal step toward securing full operational approval in Dubai, a key component of Bybit’s broader global expansion strategy. The firm has been instrumental in supporting Bybit's entry into the UAE market and establishing its international headquarters in Dubai in 2022.

The Dubai team, led by financial services partner Matthew Shanahan, provided critical insights and regulatory support throughout the licensing process. Associate Hasanali Pirbhai contributed significantly to the project. The Hong Kong team included corporate partner Harold Tin and senior registered foreign lawyer Ying Yeo, who lent their expertise to ensure compliance with regional regulations.

Matthew Shanahan remarked, “Since setting up its global headquarters in Dubai in 2022, Bybit has quickly become a leading contributor to the Emirate’s flourishing crypto and Web3 sector. It’s exciting to see the crypto, FinTech, and wider financial services sectors continue to expand across the Middle East.”

Harold Tin echoed this sentiment, stating, “We are honoured to advise our long-standing client Bybit again as it further establishes itself within the Middle East region. Drawing upon our cross-border FinTech and multi-disciplinary experience, we look forward to supporting Bybit in its growth trajectory and helping it to achieve its business objectives.”

As Bybit moves forward with its operational plans in Dubai, the support from Norton Rose Fulbright underscores the firm’s commitment to facilitating the growth of innovative financial services in a region that is increasingly positioning itself as a global hub for cryptocurrency and blockchain technology.

Photo image by https://claudeai.wiki/

Legal News desk contact: editorial@solicitorsjournal.com

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