Bybit said it plans to continue cooperating with regulators and obtaining the necessary permissions in its international markets.
VARA’s role
VARA launched in 2022 as one of the first standalone regulatory bodies designed exclusively for virtual assets. Its framework categorizes crypto firms into specific activity types (exchange services, broker-dealer services, lending, custody) and requires separate approvals for each.
Bybit taps ex-VARA executive to lead global regulatory strategy
In August, Bybit named Peter Loo its new chief legal and compliance officer, tasking the veteran financial services executive with overseeing global regulatory strategy, licensing and compliance.
Loo most recently served as general counsel and head of sector development at Dubai’s VARA, helping establish regulatory frameworks for virtual asset businesses. His previous positions include senior roles at Barclays Capital, MF Global and Amber Group, where he led legal and compliance activities across Europe and the Middle East.
In a statement, Loo said the approval underscored the importance of regulatory oversight and user protection. He added that the company hopes to extend its licensed activities to derivatives trading, which forms a major part of its global business, pending additional regulatory approvals.
Leave a Reply