Two of Singapore’s most popular crypto exchanges ByBit and Crypto.com are planning to set up local operations in Dubai following the UAE’s introduction of more crypto-friendly laws in the region. The news came a few days after crypto exchanges Binance and FTX were approved by authorities to set up local headquarters in the emirate.
Announcing the latest development in the press release, Crypto.com revealed it will set up regional headquarters and launch a recruitment drive in the coming months to establish a “significant” presence in the market.
“The role of technology, advanced AI, and quantum computing is driving the need for digital assets and cryptocurrencies, which also supported greater financial inclusion,” Eric Anziani, Chief Operating Officer of Crypto.com, said in a statement. “Our partnership with Investopia will enable us to progress these aims and on a global scale.”
ByBit announced a similar initiative on the same day, revealing that it has received in-principle approval to conduct a “full spectrum” of virtual asset businesses in 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
In a move that sought to make Dubai at the forefront of crypto innovation, the United Arab Emirates announced the establishment of new cryptocurrency laws in the country. In addition, it also unveiled plans to form an independent authority to issue licenses and oversee the compliance system of crypto service providers operating in the UAE.