Bybit has received an in-principle approval to conduct a “full spectrum” of virtual asset businesses in Dubai, the company said in a statement. Its new head office is expected to begin operating as early as April.
“Bybit looks forward to contributing to the virtual assets innovations of the emirate’s vibrant economy and having our global headquarters in Dubai,” said Ben Zhou, cofounder and CEO of Bybit. “This in-principle approval is an extraordinary opportunity for Bybit to support the United Arab Emirates and the wider region’s ambition to become a global virtual assets technology hub.”
Meanwhile, Crypto.com said it is looking to establish a “significant presence” in Dubai. The company, which first started in Hong Kong but later moved its headquarters to Singapore, added that it will be launching a substantial recruitment drive in the coming months.