Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has received its second-in-principle license approval to operate a virtual assets exchange platform. This time, it’s from the UAE regulatory authority, the Securities and Commodities Authority (SCA). This is the first time SCA has granted an in-principle approval to a VASP operator. This is the second in-principle approval (IPA) after Bybit received its first one from Dubai’s Virtual Asset Regulatory Authority (VARA) back in 2024. The IPA will allow Bybit to set up a virtual asset platform operation within the UAE. UAE’s Securities and Commodities Authority (SCA) grants Bybit IPA As per the press release, Bybit is in the final steps to receive its full operational license soon. This milestone marks a significant step in the exchange’s ongoing mission to provide a secure, stable, and compliant platform for crypto traders in the region. This authorization moves Bybit closer to offering a broad range of digital asset services to both retail and institutional clients in the UAE. Ben Zhou, Co-founder and CEO of Bybit, commented, “We are honored to have received the IPA from SCA. 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 for both retail and institutional investors in the UAE.” This comes just after a week of turmoil at Bybit, when the Lazarus Group hacked it for $1.4 billion. The exchange quickly handled the situation with the assistance of the global crypto exchange community.