Cryptocurrency exchange Bybit has received in-principle approval to expedite virtual asset trading in the UAE and move its global headquarters to Dubai.
- UAE welcomes Bybit and forecasts the growth of ‘next-generation FDI.
- Bybit is committed to ongoing constructive dialogue with regulators and legislators in the UAE and will play an important role in educating investors and the wider public about digital assets.
DUBAI, United Arab Emirates, March 28, 2022: Cryptocurrency exchange Bybit has received in-principle approval for the promotion of a comprehensive virtual asset business in Dubai, Bybit announced the news today at a joint press conference with the UAE Ministry of Economy at the 2022 Global Government Summit. Bybit also announced plans to establish a global headquarters in Dubai, offering a full range of services. products and services globally, following the Emirate’s “test-adapt-scale” virtual asset market model.
Cryptocurrency exchange Bybit emphasizes its commitment to fully support the UAE government’s regulatory efforts and to share its knowledge, experience and insights with all stakeholders. Bybit plays an important role in educating retail investors and the public on how to safely and responsibly use virtual assets, assisting the UAE in risk management within a framework for responsible growth duty.
“Bybit’s decision to establish a global headquarters in Dubai is an important milestone in our efforts to position the UAE as a global digital hub,” said H.E. Dr Thani Al Zeyoudi, Minister of Foreign Trade and Minister of Talent Attraction and Retention of the UAE Ministry of Economy, said. “Virtual assets like cryptocurrencies and blockchain have forever changed the financial industry. To lead in this rapidly changing industry, we are building a business-friendly ecosystem through strong regulations to attract, retain and enable companies with high growth – this is the dividend payment associated with the next generation of FDI that will be poured into the UAE. This will create jobs and investment opportunities, and strengthen our position as one of the world’s most attractive places to live and work in the virtual assets and web 3.0 industry. “
“Bybit looks forward to contributing to virtual asset innovation in the Emirate’s dynamic economy as well as establishing its global headquarters in Dubai. I believe we can help stakeholders better understand this complex industry as the virtual asset space continues to grow rapidly. This in-principle approval is a unique opportunity for Bybit to support the UAE and its expanding ambitions to become a global virtual asset technology hub,” Ben Zhou, co-founder and CEO of Bybit, said.
Led by an amazing management team with talented people from fintech, IT, virtual assets, investment and legal backgrounds, Bybit is one of the fastest growing virtual asset platforms in the world with The highest daily trading volume reached $76 billion in May 2021. It is the third most visited virtual asset platform in the world.
Bybit’s new headquarters office is expected to start operating as early as April 2022, and Bybit has already begun the process of recruiting talent and moving the current operations team to its new headquarters in Dubai.
The UAE’s new Dubai Virtual Property Regulation Law was announced in early March. This aims to establish an established regulatory framework to advance the industry with strong rules that protect investors, create transparency and ensure the integrity of global markets.
About Cryptocurrency exchange Bybit
Cryptocurrency exchange Bybit founded in March 2018 that has an extremely fast 2-way information matching engine, excellent customer service, and multilingual community support. Bybit provides groundbreaking spot and derivatives trading services, mining and staking products, NFT marketplace and API support to retail traders and institutional customers around the world, and is committed to strives to become the most trusted platform in the emerging virtual asset segment. Bybit recently became a Principal Partner of the Formula 1 team, Oracle Red Bull Racing.
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