Bybit, a major cryptocurrency exchange , announced on Monday that it received in-principle approval to conduct ‘virtual assets business’ in Dubai, United Arab Emirates. According to the press release, the announcement was made official by the UAE Ministry of Economy at the World Government Summit 2022.
As part of this announcement, Bybit announced that it would establish its global headquarters in Dubai, offering a range of products and services under the Emirate’s ‘test-adapt-scale’ model for virtual assets markets.
“Bybit’s decision to open its global headquarters in Dubai is a milestone in our efforts to position the UAE as a global digital hub. Virtual assets such as cryptocurrency and blockchain have changed finance forever. 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 – this is paying dividends in terms of the next generation FDI we are seeing coming in. This will create jobs and investment opportunities and consolidate our position as one of the world’s most attractive places to live and work for those in virtual assets and web 3.0 industries,” Dr Thani Al Zeyoudi, the UAE Minister of State for Foreign Trade and Minister in Charge of Talent Attraction and Retention, commented.
Bybit in Figures
Bybit’s peak daily trading volume is expected to be US$76 billion in May 2021, which makes the crypto exchange one of the fastest-growing virtual asset platforms. According to data collected by Google and Yandex, it is the third most visited digital asset business in the world.
The new Bybit headquarters in Dubai is expected to begin operations as early as April 2022. The company has begun recruiting talent and transferring existing teams and operations to their new location.
“Bybit looks forward to contributing to the virtual assets innovations of the Emirate’s vibrant economy and having our global headquarters in Dubai. I believe we could help further stakeholders’ understanding of this complex industry as the virtual assets space continues to mature rapidly. 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,” Ben Zhou, the Co-Founder and CEO of Bybit, pointed out.
