Bybit has received in-principle approval to conduct its virtual assets business in Dubai and plans to set up its global HQ in the emirate, while crypto.com has chosen Dubai to set up its regional base
Cryptocurrency exchange business Bybit has received in-principle approval to conduct a full spectrum of virtual assets business in Dubai, the firm announced at a joint press conference with the UAE Ministry of Economy.
Bybit also plans to set up its global headquarters in Dubai, offering a full suite of products and services globally, under the emirate’s “test-adapt-scale” virtual assets market model.
Led by a management team with talent across fintech, IT, virtual assets, investment, and legal, Bybit is one of the fastest-growing virtual assets platforms, marking its peak daily trading volume of $76 billion in May 2021. It is the third most digitally visited virtual assets business in the world.
Bybit’s new headquarters office is expected to commence operations in as early as April 2022. The firm has started the process of hiring talent and transferring existing teams and operations to their new home in Dubai.
Additionally, the world’s fastest-growing cryptocurrency platform, Crypto.com has also announced its long-term commitment to the region with the establishment of its regional hub office in Dubai.
Crypto.com is focused on establishing a significant presence in the market and will be launching a substantial recruitment drive in the coming months to achieve this goal.
“Cryptocurrencies, virtual assets, and the blockchain are exciting new sectors that are already revolutionising how money, information and value is stored and transferred,” said Dr Thani Al Zeyoudi, the UAE Minister of State for Foreign Trade and Minister in Charge of Talent Attraction and Retention.
“To stay ahead in this fast-changing industry, we are building a business-friendly ecosystem with robust regulations to attract, retain, and enable high-growth companies – this is paying dividends in terms of the next generation FDI we are seeing coming in.”
Dr Al Zeyoudi added: “This will create jobs and investment opportunities and consolidate our position as one of the world’s most attractive places to live and work for those in virtual assets and web 3.0 industries.”
The co-founder and CEO of Bybit, Ben Zhou, said: “Bybit looks forward to contributing to the virtual assets innovations of the emirate’s vibrant economy and having our global headquarters in Dubai. I believe we could help further stakeholders’ understanding of this complex industry as the virtual assets space continues to rapidly mature.
“This in-principle approval is an extraordinary opportunity for Bybit to support the UAE and the wider region’s ambition to become a global virtual assets technology hub.”
The chief operating officer of Crypto.com, Eric Anziani, said: “At a time of unprecedented change in the world, with new centres of growth and important financial markets emerging, there is ever greater demand for innovative cross-border investment mechanisms as well as long-term sustainable solutions.”
“The role of technology, advanced AI, and quantum computing is driving the need for digital assets and cryptocurrencies, while also supporting the journey towards greater financial inclusion. Our partnership with Investopia will enable us to progress these aims on a global scale.”
The UAE’s new Dubai Virtual Asset Regulation Law was announced earlier this month. It aims to establish a regulatory framework for the sector designed to boost the industry providing robust guardrails that protect investors, facilitate cross-border transparency, and assure global market integrity.