Norton Rose Fulbright advises the world's second largest cryptocurrency exchange Bybit on new Dubai license

Global law firm Norton Rose Fulbright has advised cryptocurrency exchange Bybit on securing a Provisional (Non-Operational) Approval for a Virtual Asset Exchange Services license from the Virtual Assets Regulatory Authority (VARA) in Dubai.

Bybit is the world's second largest cryptocurrency exchange by trading volume and one of a limited number of regulated cryptocurrency service providers in the UAE. Established in 2018, Bybit provides a professional platform where cryptocurrency investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. 

Norton Rose Fulbright’s Dubai and Hong Kong teams have assisted Bybit on all regulatory matters related to the provisional license, which marks the latest milestone towards Bybit securing full operational approval in Dubai and an essential step in its global expansion. The firm also supported the cryptocurrency exchange on its entry into the UAE market and the establishment of its international headquarters in Dubai in 2022.

Norton Rose Fulbright’s Dubai team was led by financial services partner Matthew Shanahan, with support from associate Hasanali Pirbhai. The Hong Kong team included corporate partner Harold Tin and senior registered foreign lawyer Ying Yeo.

Matthew Shanahan said:

“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 said:

“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, and financial services regulatory knowledge. We look forward to continuing to support our client in its growth trajectory and helping it to achieve its business objectives.