On the same day that Crypto.com said it would open a regional hub office in Dubai, cryptocurrency exchange Bybit announced it would relocate its headquarters from Singapore to Dubai. The announcements coincide with the introduction of new legislation in Dubai aimed at establishing the emirate as a global hub for crypto assets and associated industries such as the metaverse.
According to a statement from Bybit, the company has gained in-principle authorisation to perform a “full spectrum” of virtual asset businesses in Dubai. The company’s new headquarters is set to open in April.
“Bybit looks forward to contributing to the virtual assets innovations of the emirate’s”
” vibrant economy and having our global headquarters in Dubai,”
So, sahs Ben Zhou, cofounder and CEO of Bybit.
“This in-principle approval is an extraordinary opportunity for Bybit to support the United Arab Emirates”
“and the wider region’s ambition to become a global virtual assets technology hub.”
Crypto.com, on the other hand, has stated that it intends to build a “major presence” in Dubai. The company, which began in Hong Kong but has since relocated its headquarters to Singapore, also announced that it will begin a major recruitment drive in the coming months.
Bybit and Crypto.com are two of the most popular cryptocurrency platforms. According to tracker CoinGecko, Bybit completed more over $10 billion in crypto spot and derivatives deals in a 24-hour period as of Tuesday. During the same time period, Crypto.com, which launched in 2016, handled more than $5 billion in spot and futures deals.
The statements come after Dubai approved a new law in early March that controls virtual asset enterprises, including trading and custody services. It does not, however, indicate whether virtual assets, such as cryptocurrency and non-fungible tokens, are included (NFTs).
The new rule is part of the UAE’s effort to establish itself as a worldwide crypto powerhouse. It has already attracted the likes of Binance, the world’s largest cryptocurrency exchange. Of course, which received a license to operate its regional business from Dubai in mid-March. The European affiliate of cryptocurrency trading platform FTX has recently announced the location of its regional office.
The initiatives by Bybit and Crypto.com coincide with Singapore’s tightening regulatory grip on cryptocurrency. In January 2020, the city-state granted crypto businesses a license. However, then barred them from advertising their services to the general public.
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