By
Steve Muchoki
April 23rd, 2024
Bybit will be offering its custom products as well as services using the Emirate’s ‘test-adapt-scale’ virtual assets market model.
On its journey towards transforming into a global digital hub, the UAE granted cryptocurrency exchange Bybit an in-principle approval to run its operations in the region as well as transfer its headquarters to Dubai. Bybit can now run its business in virtual assets in the country while supporting the UAE government’s continuous efforts in the regulatory space. The crypto exchange firm announced the deal at a joint press conference with the UAE Ministry of Economy at the World Government Summit 2022.
Bybit in Dubai
Bybit will be offering its custom products as well as services using the Emirate’s ‘test-adapt-scale’ virtual assets market model. The firm is excited about running its business while sharing its detailed knowledge as well as experience and acumen with all stakeholders. By helping retail investors and the common people understand the digital assets business, it is committed to supporting the UAE manage the inherent risks with the help of the country’s regulatory framework.
The UAE Minister of State for Foreign Trade and Minister in Charge of Talent Attraction and Retention, H.E. Dr Thani Al Zeyoudi, stated the popularity and spread of blockchain and cryptocurrency and expressed his confidence in the digital assets market being a driver of more jobs and well as investment opportunities. He sees this as a way toward consolidating Dubai’s ranks among the most attractive places for those involved in the Web 3.0/blockchain industry.
The company would soon start running operations in the country as early as April as it is already in the process of recruiting new hires and simultaneously shifting the current staff to Dubai.
Dubai’s Journey towards Becoming a Virtual Asset Hub
Early this month, the country issued the Dubai Virtual Asset Regulation Law and also formed a Virtual Asset Regulatory Authority to oversee the virtual assets sector. Dubai is planning to develop a framework to give a strong impetus to the digital assets industry while also keeping it in check through adequate safeguards in place. Apart from Bybit, the country also granted licenses to two other largest cryptocurrency exchanges namely Binance and FTX Europe. Its goal is to become an international capital for the crypto-related or digital assets economy. Crypto is the future and will sink into traditional finance one day. Dubai wants to be one step ahead in the race and exploit the benefits of this new age financial ecosystem through the best talent and firms existing globally.
Bybit is a cryptocurrency exchange with above 5 million registered users, more than 100 assets and 24/7 support in multiple languages. Established in the year 2018, the firm aims to be a crypto ark of the world. It offers online spot and derivatives trading services in addition to mining and staking products alongside software support to its retail and institutional customers across the globe. It is currently the third most visited virtual assets platform in the world and is one of the fastest-growing platforms as per its daily trade volume of almost $76B reported back in May 2021.