Dubai aspires to be the new crypto capital of the world, and so far it is on a steady track to make it happen.

The cryptocurrency exchange “Bybit” is preparing to move its headquarters to Dubai from Singapore, and is expected to start operations as soon as this April.

Cryptocurrency exchange also located in Singapore, Crypto.com, revealed that it will open a regional center in Dubai, and launch a major recruitment drive in the coming months, which has 10 million customers in 90 countries.

Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade and Minister Responsible for Attracting and Retaining Talent in the UAE, said:

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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.”

The two cryptocurrency exchanges are the latest additions to the growing league of crypto-related companies ramping up their operations in Dubai.

Prior to this, Dubai granted a virtual asset license to the Binance platform, the largest crypto exchange in the world, and to the European FTX company, which is affiliated with the Bahamas Stock Exchange, and the license provides companies to operate legally in the emirate.

Last March, Dubai passed several legislations that gave it greater ability to attract large companies working in cryptocurrency.

The Dubai government will regulate the work of virtual asset firms and set up a Virtual Asset Regulatory Authority to oversee the sector, unlike Singapore, which has sought to rein in some aspects of the crypto sector in recent months.

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