RIYADH: Bybit, a cryptocurrency exchange, has announced plans to move its headquarters to Dubai from Singapore as the UAE ramps up efforts to attract companies in the fast-growing industry, Bloomberg reported.
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.
