Cryptocurrency platform Bybit has received approval in principle to conduct virtual asset operations in Dubai. The company announced this news together with the UAE’s Minister of Economy at a joint press conference at the 2022 World Government Summit. Bybit also plans to move its global headquarters to Dubai. Bybit will offer a wide range of products and services worldwide as part of the Emirate’s “test-custom-adjust” model for the virtual assets market.
Bybit emphasized that it is fully dedicated to supporting the UAE government’s legislative efforts and sharing its vast knowledge, experience and insight into the industry with all parties. Bybit has an important role to play in educating retail investors and the broader public on how to use virtual assets safely and responsibly, by helping the UAE manage risks within its responsible growth framework.
Milestone in digital hub
UAE Minister for Foreign Trade, Talent Attracting and Retention Dr Thani Al Zeyoudi said: “The decision to open Bybit’s global headquarters in Dubai, UAE It’s a milestone that will move forward in our effort to make . Virtual assets such as cryptocurrencies and blockchain have radically changed the financial system. In order to stay one step ahead in this rapidly changing industry, we are building a business-friendly ecosystem with sound regulations to attract and retain high-growth companies in the UAE and give them more growth opportunities. This ecosystem will be of great benefit to the upcoming new generation of FDIs (Foreign Direct Investors). This will open up new business and investment opportunities. Thus, for those working in the virtual presence and web 3.0 sectors, the UAE will become one of the most attractive places in the world to live and work.”
The virtual asset space is evolving without slowing down
Ben Zhou, Bybit’s co-founder and CEO, said: “As Bybit, we are committed to contributing to innovations in the virtual asset space within the vibrant economy of the Emirate and We look forward to opening our global headquarters in Dubai. As the virtual presence space continues to evolve and mature at full speed, I believe we can help our stakeholders better understand this complex industry. This approval in principle is a unique opportunity for us to support Bybit’s ambition to become a world-class technology hub for virtual assets in the UAE and its region.”
With its versatile management team led by professionals with experience in financial technology (fintech), information technology (IT), virtual assets, investment and law, Bybit, with its highest daily trading volume of $ 76 billion in May 2021 One of the fastest growing virtual asset platforms. The third most visited digital asset platform in the world.
Bybit’s new head office is expected to be operational by April 2022. The process of hiring new talent and transferring existing teams and operations to Bybit’s new home, Dubai, has begun.
UAE’s new Dubai Virtual Asset Regulation Law was announced earlier this month. With this regulation, it is aimed to establish a regulatory framework to support the industry by providing a solid structure that protects investors, facilitates cross-border transparency and ensures global market integrity.
About Bybit
Bybit is a virtual asset platform founded in 2018 and stands out for its ultra-fast matching engine, excellent customer service and multilingual community support. The company provides innovative online Spot and Futures services, mining, staking products and NFT market as well as API support to retail and institutional customers worldwide. It also maintains its commitment to be the most trusted cryptocurrency platform for emerging virtual asset classes. Bybit recently became the Main Team Partner of Formula One racing team Oracle Red Bull Racing.
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