Bybit will begin operations in Dubai early next month, after obtaining in-principle approval to conduct a full spectrum of virtual asset business in the UAE, it said in a blog post Monday.

Crypto.com, also based in Singapore, said it will establish a regional base in Dubai and plans to establish a significant presence there.

The exchanges are joining global competitors such as Binance and FTX in expanding into the UAE, which is seeking to develop a crypto-friendly reputation compared to other financial jurisdictions. 

Singapore instructed crypto companies earlier this year to refrain from consumer-oriented marketing in an effort to curb speculation in digital assets, according to Bloomberg. 

“Being headquartered in Dubai, it allows us to have a domiciled presence that does not affect our global standing,” Ben Zhou, CEO of Bybit said.  

Dubai is also a favorite of India-based crypto firms, which impose heavy taxes on digital assets and whose central bank has sought to ban cryptocurrencies.

Other countries, such as the UK, are also taking a tough stance on regulating cryptocurrency, which could pave the way for the UAE to attract more business.

Source: arabnews.com

Edited by: vietnamarab.net team

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