UAE crypto regulations lure crypto-focused companies to relocate to their region. In an official blog post, Bybit noted that it successfully inaugurated its headquarters in Dubai. UAE has emerged as the leading crypto market in the last few months. The UAE government has developed numerous proactive approaches toward cryptocurrency and blockchain. Moreover, UAE, the Arab World’s second most developed economy, is exploring future investment opportunities.
The Dubai Virtual Asset Regulation Law established VARA in March 2022, the first to regulate virtual assets. Its primary aim is to develop international standards for the virtual asset industry and to design a cutting-edge legal framework to safeguard investors and foster responsible business growth in and out of the Emirate.
The cryptocurrency industry is evolving rapidly, and the market currently has more than 23K registered crypto assets, including stablecoins. According to CoinMarketCap, the number of registered crypto exchanges is around 618. Bybit is ranked the fifth most-used crypto exchange with a 24-hour spot trading volume of $501,129,229.50.
Bybit offers to trade USDT, Bitcoin, Ethereum, USDC, Dogecoin, Litecoin, Cardano, Solana, Shiba Inu, and XRP, including dozens of other digital assets. Recently Traders Union released its ranking of best crypto exchanges and ranked Bybit as the topper of the list.
The ranking was conducted to identify the top twenty crypto exchanges in the crypto industry. KuCoin is ranked second best, OKEx is ranked third, and Huobi Global is ranked fifth best exchange.
The Financial Services Agency (FSA), the financial regulator of Japan, reportedly forewarned four crypto exchanges to enlist themselves as crypto exchanges to resume further operations. Bybit, MEXC Global, Bitforex, and Bitget, like exchange firms, received notice from the agency.
Earlier in May 2021, Bybit received a similar notice from Japanese authorities. The crypto exchange has over 14 million users. Its services are restricted in North Korea, Singapore, Cuba, Iran, Sudan, Mainland China, Syria, and Sevastopol.
P2P.org, a staking infrastructure firm, raised $23 million in a Series-A funding round backed by Jump Crypto, Sygnum, and Bybit. The Head of Financial Products at Bybit, Bill Xing, said that P2P.org would enrich the mission of Web3 as it is the third generation of the Internet, growing with a promise of decentralization and democratization of finance. “We are glad to associate the Bybit name with P2P.org, the most trusted validator and infrastructure provider in the space.”
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
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