This Week In Crypto Asia: Bybit Enters UAE With In-Principle Approval

Despite being caught in the middle of a massive controversy, post the $1.4 billion hack, Bybit has announced securing an In-Principle Approval (IPA) in the UAE.

The Securities and Commodities Authority (SCA) of the UAE gave Bybit the green light to launch its Virtual Asset Platform.

According to the company statement, the company is also in the final steps to receive its fully operational license soon.

Company Targets Retail And Institutional Investors In UAE

On 27 February 2025, the company said, “This milestone marks a significant step in Bybit’s ongoing mission to provide a secure, stable, and compliant platform for crypto traders in the region.”

“We are honoured to have received the IPA from SCA,” said Ben Zhou, Co-founder and CEO of Bybit. “This approval marks a crucial step in our journey to providing secure and transparent crypto trading solutions.”

“Bybit remains dedicated to working hand-in-hand with regulators to foster a compliant and innovative digital asset ecosystem to both retail and institutional investors in the UAE,” he added.

The company is looking at the UAE as an emerging global hub for cryptocurrency and blockchain innovation, supported by progressive regulatory frameworks. Bybit is looking to bridge traditional finance with digital assets in the region.

Bybit Expands To Kazakhstan, India, Austria

Beyond UAE, Bybit continues to secure regulatory approvals worldwide, expanding its presence in key jurisdictions such as India, Georgia, Kazakhstan, Turkey.

Bybit has announced plans to obtain regulatory licensing in Austria as part of its strategy to expand into new markets while adhering to local compliance standards. The exchange said it is committed to aligning its operations with regional regulations to foster growth in the European market.

Furthermore, the company is offering Teslas, Rolex watches and more to increase user base on their platform in Kazakhstan. These offers are currently live. Bybit aims to get people interested in digital assets and enhance their investor journey by giving them a chance to win big at the start of their crypto investment career.

In early this month, India’s Financial Intelligence Unit (FIU) imposed a fine on Bybit for violating prevention of money laundering act. Bybit experienced temporary halt of trading activities in India but has since completed all licensing work and paid penalty amount leading towards successful unblocking of website there.