Cryptocurrency exchange business Bybit has received in-principle approval to conduct a full spectrum of virtual assets business in the UAE.
The company said in a statement that it is also planning to set up its global headquarters in Dubai, offering a full suite of products and services globally, under the Emirate’s “test-adapt-scale” virtual assets market model.
Established in 2018, Bybit is one of the fastest-growing virtual assets platform that features an ultra-fast matching engine, excellent customer service, and multilingual community support. The company offers crypto traders online spot and derivatives trading services, mining and staking products, and software support to retail and institutional customers around the world.
Ben Zhou Co-founder & CEO Bybit
“Bybit looks forward to contributing to the virtual assets innovations of the Emirate’s vibrant economy and having our global headquarters in Dubai. I believe we could help further stakeholders’ understanding of this complex industry as the virtual assets space continues to rapidly mature. This in-principle approval is an extraordinary opportunity for Bybit to support the UAE and the wider region’s ambition to become a global virtual assets technology hub.”
Bybit’s new headquarters office is expected to commence operations as early as April 2022 and it has started the process of hiring talent and transferring existing teams and operations to their new home in Dubai, as per the reports.
HE Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade and Minister in Charge of Talent Attraction and Retention said that, “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 such as cryptocurrency and blockchain have changed finance forever.”
“To stay ahead in this fast-changing industry, we are building a business-friendly ecosystem with robust regulations to attract, retain and enable high-growth companies – this is paying dividends in terms of the next generation FDI we are seeing coming in. This will create jobs and investment opportunities and consolidate our position as one of the world’s most attractive places to live and work for those in virtual assets and web 3.0 industries,” Dr. Al Zeyoudi added.
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