Cryptocurrency exchange Bybit has received in-principle approval to conduct virtual assets business in Dubai and plans to set up its global headquarters in Dubai
Cryptocurrency Exchange Bybit to Move Global Headquarters to Dubai
Bybit, a cryptocurrency exchange, has acquired in-principle clearance from the UAE Ministry of Economy to conduct a full spectrum of virtual asset operations in Dubai, the company stated today at the World Government Summit 2022.
Bybit has also announced that it would establish its worldwide headquarters in Dubai, where it will offer a comprehensive range of products and services under the Emirate’s “test-adapt-scale” virtual asset market model.
Cryptocurrency exchange Bybit intends to establish its worldwide headquarters in Dubai, where it will offer a comprehensive range of products and services using the emirate’s test-adapt-scale virtual assets market model.
Cryptocurrency exchange Bybit, which was founded in 2018, provides crypto traders with online spot and derivatives trading, mining and staking products, and software support to retail and institutional customers all over the world.
“Virtual assets such as cryptocurrency and blockchain have forever altered the financial landscape,” says the author “Minister of State for Foreign Trade and Minister in Charge of Talent Attraction and Retention, Dr. Thani Al Zeyoudi, stated.
“We’re creating a business-friendly ecosystem with strong laws to attract, retain, and assist high-growth enterprises to stay ahead of the curve in this fast-changing market… This is paying off in terms of new FDI.
“This will create jobs and investment opportunities, as well as solidify our position as one of the most desirable places to live and work for those in the virtual asset and Web 3.0 industries,” he added.
The Middle East is home to one of the world’s most rapidly expanding crypto markets.
According to Chainalysis data, it received $271.7 billion in cryptocurrencies from July 2020 to June 2021, accounting for 6.6% of global activity.
The UAE’s Central Bank does not accept crypto-assets or virtual assets as legal money at the moment. The dirham is the country’s only legal tender.
Cryptocurrency exchange Bybit claims to be one of the fastest-growing virtual asset platforms, with a daily trading volume of $76 billion reported in May of last year.
According to the corporation, it is the world’s third most popular virtual asset business platform.
“This in-principle permission is an incredible opportunity for Bybit to help the UAE and the wider region achieve their goal of becoming a global virtual assets technology hub,” said Ben Zhou, co-founder, and CEO of Bybit.
Cryptocurrency exchange Bybit new headquarters is set to open next month, and the company has begun the process of hiring new employees as well as relocating existing teams and activities to Dubai.
Crypto.com Announces Move Regional Center to Dubai
Dubai passed legislation regulating virtual assets earlier this month in an attempt to capitalize on the fast-growing industry.
The Dubai Financial Services Authority, which oversees the financial hub of the emirate, has also made its regulatory framework for crypto tokens, or cryptocurrencies, available for public comment.
Crypto.com, a Singapore-based cryptocurrency exchange, announced its regional center in Dubai on Monday.
“At a time when the world is undergoing unprecedented change, with new growth centers and important financial markets emerging, there is an increasing demand for innovative cross-border investment mechanisms as well as long-term sustainable solutions,” said Eric Anziani, Crypto.com’s chief operating officer.
The government of the United Arab Emirates is pursuing a number of efforts to develop a robust digital economy.
According to government statistics, the digital economy accounts for around 4.3 percent of the UAE’s GDP, or Dh100 billion ($27.2 billion).
Binance, the world’s largest cryptocurrency exchange, has also been granted a virtual asset operating license in Dubai.