Bybit, a cryptocurrency exchange headquartered in Singapore, received in-principle approval yesterday to conduct virtual asset activities in Dubai. In a post on its blog and via its Twitter account, the company said it will move forward with plans to relocate its global headquarters to Dubai.
📢 In an announcement with the UAE Ministry of Economy @Economyae at the World Government Summit, Bybit received in-principal approval to conduct virtual asset business & will be setting up our global HQ in Dubai!
📲 Read more here: https://t.co/HXk2dwVCCQ pic.twitter.com/0J7HQ9kjqs
— Bybit (@Bybit_Official) March 28, 2022
The exchange expects to move its headquarters to Dubai in April of this year.
According to Bybit co-founder and CEO Ben Zhou:
“I believe we can help stakeholders better understand this complex industry as the virtual asset space continues to mature rapidly. This in-principle approval is an extraordinary opportunity for Bybit to support the UAE’s and the broader region’s ambition to become a global technology hub for virtual assets.”
About Bybit
Founded in 2018, Bybit has grown into one of the leading cryptocurrency exchanges. It is widely regarded as one of the fastest-growing virtual asset platforms and ranks among the top visited digital asset services globally.
Bybit currently offers spot trading and derivatives products, mining and staking services, and software support for retail and institutional clients worldwide.
Crypto exchanges flocking to Dubai
Major exchanges, including FTX and Binance, have also recently secured crypto licenses to operate in Dubai.
These developments follow Dubai’s announcement of a new virtual assets framework and the establishment of the Virtual Assets Regulatory Authority as the industry’s regulator. The change marks a significant shift, especially given that the United Arab Emirates is the third-largest cryptocurrency market in the Middle East.