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Dubai Attracts Crypto.com, Bybit as Friendly Rules Bear Fruit
Crypto.com is establishing an office in Dubai while Bybit is moving its global HQ.
Updated May 11, 2023, 6:01 p.m. Published Mar 29, 2022, 2:18 p.m.
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Some of the biggest cryptocurrency exchanges in the world now plan to establish hubs in Dubai after the emirate announced the creation of a crypto-friendly regulatory regime.
Crypto.com announced on Monday that it plans to establish an office in Dubai and will launch a "substantial recruitment drive" in the months ahead to build its presence there. Bybit also revealed plans to move its global headquarters to Dubai after having received in-principle approval to "conduct a full spectrum" of virtual assets business in the emirate.
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The moves, announced on the same day, come weeks after Dubai revealed its intention to create a regulatory and licensing authority for virtual assets businesses. After the announcement, FTX Europe and Binance obtained operational licenses in quick succession.
Earlier this month, the UAE's financial markets regulator also said that it was close to issuing a regulatory framework for digital assets.
The Emirate of Dubai is one of seven emirates forming the nation of the United Arab Emirates (UAE). Another emirate, Abu Dhabi, has also been aggressive in its aim to become a crypto hub.
The apparent endorsement of digital assets comes as welcome news to crypto firms, especially given the mixed signals coming from other jurisdictions.
Read more: Crypto Payments Firm Wirex Withdraws From FCA's Register as Deadline Looms
For example, Singapore, the home of Crypto.com and the previous headquarter of Bybit, looked to curb the visibility of crypto firms before the public with new rules in January limiting the ability of such firms to advertise.
The Monetary Authority of Singapore stated that crypto is "highly risky and not suitable for the general public" and so digital payment token (DPT) service providers "should not promote their DPT services to the general public."
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