Bybit, Crypto.com to Open Dubai Offices

  • Crypto.com plans to establish a regional office in Dubai, and also launch a “substantial recruitment drive” in the coming months.
  • After obtaining an in-principle approval to “conduct a full spectrum” of crypto services, Bybit announced plans to move its global headquarters to Dubai.
dubai

Dubai Skyline View Rasto SK / Shutterstock

The establishment of a crypto-friendly regulatory regime in Dubai has continued to attract crypto exchanges to the region, with the latest being Crypto.com and Bybit.

On Monday, popular cryptocurrency exchange Crypto.com revealed its plans to establish a regional office in Duba, one of the seven emirates on the United Arab Emirates (UAE). The exchange said it will also launch a “substantial recruitment drive” in the coming months to build its presence in the region. The UAE’s Minister of State for Foreign Trade, Dr. Thani Al Zeyoudi, said in a statement:

“The UAE is now developing a robust governance and regulatory framework to ensure that we are providing a best-in-class environment for companies in this space to flourish – and to position the UAE as the ideal platform for disruptive ideas with global impact.”

Also on Monday, crypto exchange Bybit announced it had received an in-principle approval to “conduct a full spectrum” of virtual asset business in Dubai, and it was planning to relocate its global headquarters to Dubai. The exchange noted it is “fully committed to supporting the regulatory efforts of the UAE government”, and that it expects to begin operations in the region in April.

Dubai’s crypto-friendly regulatory regime was established earlier this month, when UAE prime minister Sheikh Mohammed bin Rashid Al Maktoum implemented a new virtual assets law and created the Virtual Asset Regulatory Authority (VARA). Ever since, Dubai has attracted a number of popular crypto exchanges, with the first to receive operating licenses being FTX and Binance.

Discussion
Related Coverage
Crypto.com CEO Says Exposure to FTX was Limited to $10M
  • Crypto.com CEO Kris Marszalek addressed customer concerns during a live AMA session today, claiming that the exchange had a strong balance sheet.
  • He also clarified that Crypto.com had sent $1 billion in stablecoins to FTX over a the past year to fulfill order liquidity, and that it had only $10 million exposure to FTX when it fell.
November 14, 2022, 5:25 PM
Kris Marszalek, Co-Founder and CEO at Crypto.com

Kris Marszalek, Co-Founder and CEO of Crypto.com, during RISE 2018 conference, Hong Kong, June 2018. Seb Daly/RISE via Sportsfile

Hong Kong Changes Stance on Retail Crypto Trading
  • During the opening of Hong Kong’s FinTech Week, the city government revealed it was considering ways to give retail investors a “suitable degree of access” to crypto trading.
  • Hong Kong will also introduce a new licensing regime for virtual asset service providers, and has invited them to set foot in the city for new business opportunities.
Singapore Proposes New Crypto Regulations
  • The Monetary Authority of Singapore has issued two consultation papers that propose new regulatory rules for crypto service providers, investors, and stablecoin issuers.
  • One of the main proposals was that crypto service providers should not provide any credit facility or accept payments from credit cards.