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.