Bybit, the world’s third-largest cryptocurrency derivatives exchange with a peak daily trading volume of $76 billion has announced plans to move its global headquarters to Dubai after receiving the green light to open shop in the region.
‘This March, we are pleased to announce that Bybit has received in-principle approval to conduct a full spectrum of virtual assets business in the UAE. With that, we are moving our global headquarters to Dubai!” the firm’s blog read.
The announcement, which was jointly made by Bybit’s C.E.O Ben Zhou with the UAE Ministry of Economy during the ongoing World Government Summit in Dubai makes Bybit the first top tier global crypto exchange to set up physical headquarters in the UAE. The exchange will begin offering a full suite of products and services in the UAE From April.
“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,” said Zhou in the announcement.
With talk of crypto regulation flaring in the past 2 or so years, Dubai has become one of the most sought-after destinations for crypto firms around the globe due to its business-friendly reputation with exchanges such as Binance and FTX receiving operation licenses last week.
Its traction has mainly been fostered by its position as a global digital hub in addition to leaders who seek to transform the economy by embracing the latest fintech innovations and creating friendly regulatory frameworks.
“Virtual assets such as cryptocurrency and blockchain have changed finance forever.” Said H.E. Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade. “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.”
Leading crypto exchanges and other crypto firms are reportedly in talks with authorities in the UAE to establish a significant presence in the UAE as the need for physical offices becomes increasingly necessary.
Today, Reuters reported that Singapore-based exchange Crypto.com is also seeking various approvals in UAE that would see it expand its services to the Emirates by establishing a physical office and conducting a massive recruitment drive.