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UAE might be poised to be the next hot crypto hub as leading companies in the industry are positioning themselves in Dubai.
On Monday, Singapore crypto exchange Bybit said it will open its global headquarters in Dubai, whilst Crypto.com also announced it would build a regional hub there.
In a statement, Bybit said it had received ” in-principle approval to conduct a full spectrum of virtual assets business in Dubai.”
Bybit CEO Ben Zhou further added that the company is “looking forward to contributing to the virtual assets innovations of the Emirate’s vibrant economy and having our global headquarters in Dubai.”
In Crypto.com’s statement, the Singapore-based platform said it 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.”
Earlier this month, Dubai implemented its first law to regulate virtual assets whilst establishing the Virtual Asset Regulatory Authority (VARA).
The UAE on the whole has warmed to the prospect of embracing the crypto space. “Cryptocurrencies, virtual assets and the blockchain are exciting new sectors that are already revolutionising how money, information and value is stored and transferred”, said Thani Al Zeyoudi, Minister of State for Foreign Trade and Minister in Charge of Talent Attraction and Retention.
Binance was also granted a virtual asset license in March.
“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”.