Crypto company “Bybit” obtains initial approval to conduct its business in the United Arab Emirates
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Answer Crypto company “Bybit” obtains initial approval to conduct its business in the United Arab Emirates
Bybit, one of the major cryptocurrency exchanges, announced on Monday that it has received approval in principle to conduct a virtual asset business in Dubai.
According to the press release, this was officially announced by the UAE Ministry of Economy at the World Government Summit 2022.
As part of the announcement, Bybit has told that it will establish its global headquarters in Dubai, where it will offer a range of products and services under the Dubai-based adaptive testing model for virtual asset markets.
Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade and Minister Responsible for Attracting and Retaining Talent, commented:
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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 like cryptocurrency and blockchain have changed finances forever.
To stay at the forefront of this rapidly changing industry, we are building a business-friendly ecosystem with strong regulations to attract, retain and empower high-growth companies, and this benefits the next generation of foreign direct investment that we are seeing.
Bybit platform in numbers:
Bybit’s daily trading volume reached $76 billion in May 2021, making the cryptocurrency exchange one of the fastest growing cryptocurrency platforms.
According to data collected by Google and Yandex, it is the third most visited crypto company in the world.
Bybit’s new headquarters in Dubai is expected to start operations as early as April 2022.
The company has begun recruiting talent and moving existing teams and operations to its new location. Bybit CEO Ben Zou commented:
Bybit looks forward to contributing to virtual asset innovations to the emirate’s vibrant economy and the presence of our global headquarters in Dubai.
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I believe we can help increase stakeholder understanding of this complex industry as the virtual asset space continues to mature rapidly.
This approval in principle is an exceptional opportunity for Bybit to support the UAE and the broader region’s ambition to become a global hub for virtual asset technology.
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