Bybit and Crypto.com head for Dubai

Bybit and Crypto.com have confirmed that they are looking to establish offices in Dubai.

This comes around the same time that the United Arab Emirates has confirmed that it will seek to become a leader in the crypto sector.

To this end, Dubai issued a law that regulates virtual assets and formed a Virtual Asset Regulatory Authority, essentially a regulator created to oversee the growth of the sector.

Bybit confirmed that it has received a license and is planning to start business a in Dubai in one form or another as soon as its offices are set up in April.

Meanwhile, Dubai has been able to grant several virtual asset licenses to prominent companies, including Binance and FTX Europe.

Singaporean crypto exchange Crypto.com said that it wants to bolster its recruitment drive in the region in the coming months and create a regional hub for crypto innovation.

Dubai’s aspirations are just as lofty. Speaking on Monday, the Dubai Department of Economy and Tourism director general Helal Al Mari said that Dubai wants to be a global capital for crypto assets and metaverse projects.

“We see the talent movement coming here, we see major corporates, banks, other multinationals that are starting to tiptoe into the space, choosing the UAE as their home to do that”, he said.

Dubai the latest jurisdiction to act insofar as crypto regulation is concerned. The UK and the US have both revealed plans to create a permanent regulatory framework.

However, some have urged for more caution, including the Bank of England which offered its own insight into crypto.

In the meantime, you may head for crypto gaming sites such as 1xBit, FortuneJack or Bitcasino.io.

Source

Updated: 03/29/2022 — 16:00