Singapore-based cryptocurrency exchanges Crypto.com and Bybit have announced that they will be setting up offices in Dubai, as the industry continues its migration towards the United Arab Emirates (UAE).
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Fast facts
- Crypto.com announced on Monday that it will establish a regional office in the UAE, and will be the exclusive crypto exchange partner for the government’s Investopedia Summit.
- Bybit announced that it has received an in-principle approval to conduct crypto business in the UAE, and its new head office could start operating as early as April.
- Two major crypto exchanges FTX and Binance recently announced their successful acquisition of crypto licenses in Dubai.
- Dubai, one of the UAE’s seven members and the region’s trade hub, adopted its virtual assets law to create a legal framework for businesses and investors.
- The Dubai World Trade Centre announced in December that the skyscraper will become a specialized crypto zone.
- The UAE is on the Financial Action Task Force’s “gray list,” becoming a jurisdiction under increased monitoring that is working with the organization to improve efforts to counter money laundering, terrorist financing and proliferation financing.
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