Bybit, Crypto.com head for Dubai as UAE pushes cryptocurrency
The Emirates wants to become a cryptocurrency hub for the region, but faces some competition from Israel.
Two leading cryptocurrency firms have decided to open offices in Dubai.
The cryptocurrency trading platform Bybit will soon move its global headquarters to Dubai from Singapore, now that they have "in-principle approval” to conduct “virtual assets business” in the United Arab Emirates, Bybit said in a press release yesterday.
Crypto.com — another crypto platform — also announced yesterday it will soon establish a regional hub office in Dubai, according to a press release.
Why it matters: The UAE is seeking to become a regional hub for cryptocurrency trading. The Gulf state’s new crypto law may have helped attract Crypto.com and Bybit to the country. The law was passed earlier this month and regulates virtual asset businesses, such as trading and bank custody services, according to the US business news outlet Forbes.
