A few days ago, the Bybit exchange officially announced that it is moving its global headquarters to Dubai.
ByBit and Crypto.com Attracted to Dubai
The Bybit exchange has officially announced that it has received approval to move a wide range of virtual asset activities to the UAE.
From April, they will begin offering a full suite of products and services in the UAE, while remaining committed to supporting the UAE’s regulatory efforts to responsibly grow the crypto industry.
Crypto.com also recently announced on Twitter that it plans to open an office in Dubai.
— Crypto.com (@cryptocom) March 28, 2022
The announcement speaks of the UAE welcoming the company’s decision to establish a regional base in Dubai.
Crypto.com says it will play a leading role in promoting the role of digital assets in the UAE by bringing in expertise and capabilities.
UAE Minister for Foreign Trade and Talent Attraction and Retention, SE Dr Thani Al Zeyoudi, said:
“The United Arab Emirates is committed to championing the industries of the future and to developing an ecosystem that attracts pioneers, innovators and investors to bring them to fruition. Cryptocurrencies, virtual assets and the blockchain are exciting new sectors that are already revolutionizing how money, information and value is stored and transferred. The UAE is now developing a robust governance and regulatory framework to ensure that we are providing a best-in-class environment for companies in this space to flourish – and to position the UAE as the ideal platform for disruptive ideas with global impact”.
Dubai’s crypto-friendly regulations
Indeed, Dubai is attracting crypto companies thanks to crypto-friendly regulation, so much so that it is possible that other exchanges will eventually move their headquarters to the UAE, or open local offices.
Dubai now has a very good reputation, as the former Persian Gulf port has become a major financial centre in the space of a few decades. It is now becoming a global digital hub, thanks in part to local authorities who have taken key decisions to transform its economy, particularly by embracing the latest fintech innovations.
Indeed, Al Zeyoudi added:
“Virtual assets such as cryptocurrency and blockchain have changed finance forever. 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 will create jobs and investment opportunities, consolidating 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 goal of Dubai, a major city in the United Arab Emirates, is to become one of the world’s hubs for the crypto sector, and it appears to be succeeding already.