Days into Dubai enacting its virtual asset governing law and establishing a sector regulator, the country has seen the second batch of crypto exchanges flocking in to set up their businesses there.
Cryptocurrency exchange Bybit has said that it will be moving its headquarters to the Emirate from Singapore. In contrast to Singapore, which is introducing stricter compliance norms, Dubai is opening its arms up to players in this burgeoning sector.
Similarly, Crypto.com, another major exchange said that it will set up a regional hub in Dubai in line with the government’s ambition of becoming the world’s crypto hub.
Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade and Minister in Charge of Talent Attraction and Retention, hailed the development as a milestone in the government’s goal of making Dubai the global digital hub.
He said virtual assets such as cryptocurrency and blockchain have disrupted the financial system of the globe and the country wants to “stay ahead” in this fast-changing industry. He claimed that the government is keen on building a business-friendly ecosystem with regulations that are relevant from time to time.
Between the two marquee players, the exchanges have handled more than $15 billion worth of spot transactions across the world since 2016.
Earlier, another behemoth in the sector, Binance had acquired a license to operate their regional business in Dubai as had the European affiliate of FTX. FTX said that they will open their regional office there.
Dubai Virtual Assets Regulatory Authority (VARA) with its office in the Dubai World Trade Centre (DWTC) works as an independent entity affiliated with the existing DWTC Authority.