Popular cryptocurrency exchange Bybit is moving its business to the United Arab Emirates (UAE), and its headquarters will be situated in the nation’s capital of Dubai.
Bybit Has Its Sights Set on the UAE
Bybit provides a wide array of crypto and blockchain-related services and tools for customers to enjoy. The company says it is fully committed to the regulatory efforts of the UAE, and that it will obey all laws implemented by state officials. Bybit is also creating an educational program that will provide in-depth knowledge to retail traders so they can invest responsibly.
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H.E. Dr Thani Al Zeyoudi – UAE Minister of State for Foreign Trade and Minister in Charge of Talent Attraction and Retention – explained in an interview:
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.
Ben Zhou – co-founder and CEO of Bybit – also threw his two cents in, stating:
Bybit looks forward to contributing to 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.
Bybit is one of the biggest digital currency platforms in the world. The company enjoys a daily trading volume that exceeded $76 billion in May of 2021. At the time of writing, it is the third most visited virtual asset company in the world. The new headquarters is expected to be established as early as April of this year. Executives are now looking to hire the necessary talent to expand its breadth while also transferring existing team members to Dubai.
The UAE Is Looking to Keep Crypto Safe
Earlier in the year, the UAE announced the Dubai Virtual Asset Regulation Law, which seeks to establish a regulatory framework for the growing digital currency industry. The law works to implement necessary protections for investors while also establishing cross-border transparency and market integrity.
Bybit is in its fourth year, having initially opened for business in March of 2018. The company offers multilingual customer support given the wide array of global traders on its client roster.
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