Dubai’s New Crypto Law Attracts Bybit And Crypto.com To Set Up Local Offices

Dubai’s New Crypto Law Attracts Bybit And Crypto.com To Set Up Local Offices

Cryptocurrency exchange Bybit announced on Monday that it’s shifting its headquarters from Singapore to Dubai on the same day that Crypto.com said it would establish a regional hub office there. The announcements come as Dubai has rolled out new legislation that’s aimed at making the emirate a global center for crypto assets and related industries like the metaverse.

Bybit has received an in-principle approval to conduct a “full spectrum” of virtual asset businesses in Dubai, the company said in a statement. Its new head office is expected to begin operating as early as April.

“Bybit looks forward to contributing to the virtual assets innovations of the emirate’s vibrant economy and having our global headquarters in Dubai,” said Ben Zhou, cofounder and CEO of Bybit. “This in-principle approval is an extraordinary opportunity for Bybit to support the United Arab Emirates and the wider region’s ambition to become a global virtual assets technology hub.”

Meanwhile, Crypto.com said it is looking to establish