Bybit receives approval to offer crypto services in the UAE

Bybit has received in-principle approval to offer a wide range of virtual asset services in the United Arab Emirates. The exchange has also stated that it will set up its global headquarters in Dubai.

Bybit is one of the leading cryptocurrency exchange platforms. Since its launch in March 2018, the exchange has made major milestones. Besides the approval in the UAE, Bybit also recently became the official partner of Formula One’s Oracle Red Bull Racing.

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Bybit receives approval in Dubai

During a press conference with the Ministry of Economy in the UAE, Bybit announced that it had received approval to offer crypto services. Bybit is also planning to set up its global headquarters in Dubai.

Bybit has announced that it would comply with the regulatory requirements in the UAE surrounding the crypto space. By getting this regulatory approval, Bybit will educate the public and retail investors about virtual assets.

The UAE Minister of State for Foreign Trade and the Minister in Charge of Talent Attraction and Retention in the UAE commented on Bybit’s approval saying, “TO stay ahead in this fast-changing industry, we are building a business-friendly ecosystem with robust regulations to attract, retain and enable high-growth companies – this is paying dividends in terms of the next generation FDI we are seeing coming in.”

The executives also noted that the approval would result in an influx of jobs and investments in the UAE. This would result in the region becoming one of the most preferred places to live and work.

Bybit is expected to launch its new headquarters in Dubai in April 2022. The exchange notes that it is already hiring staff for its Dubai offices and facilitating the relocation of the existing teams into Dubai.

“This in-principle approval is an extraordinary opportunity for Bybit to support the UAE and the wider region’s ambition to become a global virtual assets technology hub,” said the co-founder and CEO of Bybit, Ben Zhou.

Crypto regulations in the UAE

The UAE is attracting many crypto businesses. The UAE Virtual Asset Regulation Law was passed earlier this month, seeking to establish a crypto regulatory framework.

Other exchanges planning to move their headquarters to Dubai include FTX and Binance. The two are in talks with the relevant regulatory bodies to get the necessary approvals and transition their main operations into Dubai.