Bybit Secures First Full Dubai VARA License for Spot Trading

The distinction between a license and a live service is the real story here: Bybit holds the first full VARA spot-trading approval, but the outstanding requirements mean the operational start date is not yet fixed. For Dubai, this signals a preference for staged, conditional licensing over blanket approval, which shapes how other exchanges pursue similar status. The open question is whether Bybit completes the remaining requirements on a timeline that makes the first-mover advantage meaningful, or whether competitors close the gap while the service remains unlaunched.