Cryptocurrency exchange Bybit has received In-PrincipleApproval (IPA) from the Securities & Commodities Authority (SCA) of theUnited Arab Emirates to set up as a Virtual Asset Platform Operator. The approval, dated February 18, 2025, comes shortly afterthe company reportedly lost over $1.4 billion in liquid-staked Ether andMegaETH in a security breach.Bybit Nears UAE License for Crypto OperationsThe IPA is a preliminary regulatory approval that allowsBybit to move closer to obtaining a full operational license in the UAE. Thecompany said the license would enable it to offer digital asset services toboth retail and institutional clients in the region.Bybit described the UAE as a key financial hub withregulatory frameworks supporting cryptocurrency and blockchain adoption. Thecompany stated that it follows global compliance standards, includingAnti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) protocols.Gained Regulatory Approvals in JurisdictionsBybit has secured regulatory approvals in several regions,including India, Georgia, Kazakhstan, and Turkey. The company said theseapprovals align with its strategy to expand its services while meetingregulatory requirements across jurisdictions.This article was written by Tareq Sikder at www.financemagnates.com.