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).
See related article: As Binance shrinks away in Asia, will it put down roots in the Middle East?
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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