Dubai wants to be the new capital for crypto and oligarchs. Here are the all the big fish moving to the sanction-free desert

Dubai wants to be the new capital for crypto and oligarchs. Here are the all the big fish moving to the sanction-free desert

Dubai wants to be the new crypto capital of the world, as well as wealthy Russians looking to avoid the worst of economic sanctions imposed by the West, and so far its efforts are bearing fruit.

The cryptocurrency exchange Bybit said Monday it was moving its headquarters to Dubai from Singapore, and could begin operations as soon as April. In a separate announcement, another crypto exchange in Singapore, Crypto.com, said it was opening a regional hub in Dubai, and “launching a substantial recruitment drive in the coming months.” The exchange claims to have 10 million customers across 90 countries.

“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," said Thani Al Zeyoudi, UAE minister of state for foreign trade and minister in charge of talent attraction and retention in a statement on Monday. “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.”