Bybit and Crypto.com announced the opening of offices in Dubai

Published: 29.03.2022

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2 minutes.

Cryptocurrency exchange Bybit has announced that it will open its main headquarters in the emirate of Dubai, and crypto platform Crypto.com is about creating a regional hub here.

The largest center of international activity and trade in the UAE, the emirate of Dubai, in March issued a document regulating the circulation of digital assets and formed the Virtual Assets Regulatory Authority (VARA).

Dubai recently licensed virtual assets to cryptocurrency exchanges Binance and FTX Europe, a subsidiary of FTX US. It became known that FTX Europe will open a regional headquarters in Dubai.

The other day, two more major players in the digital industry announced their intention to be present on the cryptocurrency market in Dubai.

According to Bybit, the exchange has received in-principle approval to operate a “full spectrum” VA business in Dubai and is moving its headquarters from Singapore to here. The new head office is expected to start operating in April.

“Bybit looks forward to contributing to virtual asset innovation for the emirate’s dynamic economy,” Bybit co-founder and CEO Ben Zhou said at a press conference.

Dubai Economy and Tourism Department CEO Helal Al Marri announced that the emirate aims to become the world capital of virtual assets and innovations such as the metaverse:

“We see how talents are moving, we see large corporations, banks, which, in small steps, begin to penetrate into unknown space, choosing the UAE as their new home.”

Cryptocurrency exchange Crypto.com has made a statement that it wants to establish its significant presence in the UAE by setting up a regional hub office in Dubai and will launch a massive recruitment campaign in the coming months.

The UAE aims to develop the virtual asset sector and regulation to attract the attention of the crypto business. However, internationally, regulators worry that gaps in data on such assets make it difficult to assess their use, and many investors do not fully understand what they are buying.

In February, UAE regulators announced their readiness to issue federal licenses to virtual asset service providers to attract cryptocurrency companies to the country.