According to reports, Bybit and Crypto.com, on Monday, announced plans to extend their service delivery offices to Dubai. This development manifested following the passage of new crypto legislation by Dubai authorities. Accordingly, the new laws are geared towards making the emirate a global hub for crypto assets.
The legislation also aids the enablement of crypto industries, especially metaverse.
While Bybit decided to shift her headquarters from Singapore to Dubai, Crypto.com reiterated a plan to situate a local office in the country. Bybit in a statement confirmed the receipt of an in-principle approval to do a “full spectrum” of virtual assets operations in Dubia. Accordingly, the crypto exchange intends to begin operating in the new local office as early as April. Both Bybit and Crypto.com looks set to build and sustain a robust presence in Dubai this year.
According to the co-founder and CEO of Bybit, Ben Zhou, the crypto exchange intends to contribute to the innovations of digital assets. Zhou feels the decision to locate the global headquarters of Bybit in Dubai tends to possess the capacity to grow the vibrant economy of the country. The co-founder explained that the received in-principle approval provides an opportunity for Bybit to support the United Arab Emirates. He, however, feels the development tends to help Dubai achieve the plan to become a global virtual assets technology hub. With this, both bybit and crypto.com are serving as enablers of the Dubai’s virtual economy.
Crypto.com on the other hand first kick-started in Hong Kong before moving its global headquarters to Singapore. The exchange intends to build a significant presence in Dubai by launching a huge recruitment enabler in the coming months.
What aided the announcements by Bybit and Crypto.com
According to reports, both Bybit and Crypto.com remain the two leading platforms in the crypto community. Bybit became established in 2018, processing over $10 billion value of crypto spot and derivative trades according to statistics. Crypto.com on the other hand began operations in 2016 and consequently conducted over $5 billion worth of spot and derivatives trades over 24 hours.
As reported, the announcements by Bybit and Crypto.com manifested following the approval of a new law by Dubai. The law, however, regulates digital asset businesses including custody services and trading in early March. The legislation, however failed to specify the coverage of digital assets, particularly cryptocurrencies and NFTs.
Earlier, the new regulations attracted the world’s largest crypto exchange, Binance. The exchange received a license to operate its regional business from Dubai in mid-March. More so, the European affiliate of crypto trading firm, FTX revealed the intention to instill its regional office there too.
However, the moves by Bybit and Crypto.com also manifested owing to the decision of Singapore to tighten its regulations on digital assets. The city-state, which allowed licensed crypto firms in 2020, now restrain them from marketing their operations to the public.