Friday, 14 June 2024

Bybit obtains approval to conduct virtual asset business in UAE

5 min read

Cryptocurrency exchange business Bybit has received in-principle approval to conduct a full spectrum of virtual assets business in Dubai.

In a joint press conference with the UAE Ministry of Economy at the World Government Summit 2022, Bybit announced its plans to set up its global headquarters in Dubai, offering a full suite of products and services globally, under the Emirate’s “test-adapt-scale” virtual assets market model.

Bybit stressed it was fully committed to supporting the regulatory efforts of the UAE government and is looking to share its in-depth industry knowledge, experience and insights with all stakeholders. Bybit has a key role to play in educating retail investors and the wider public in how to use virtual assets in a safe and responsible manner, helping the UAE manage risks within a framework for responsible growth.

Thani Al Zeyoudi, UAE Minister of State for Foreign Trade and Minister in Charge of Talent Attraction and Retention said, “Bybit’s decision to open its global headquarters in Dubai is a milestone in our efforts to position the UAE as a global digital hub".

“Virtual assets such as cryptocurrency and blockchain have changed finance forever. 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 foreign direct investment (FDI) we are seeing coming in. This will create jobs and investment opportunities and consolidate our position as one of the world's most attractive places to live and work for those in virtual assets and web 3.0 industries.”

Ben Zhou, co-founder and CEO of Bybit said, “Bybit looks forward to contributing to the virtual assets innovations of the Emirate’s vibrant economy and having our global headquarters in Dubai. I believe we could help further stakeholders’ understanding of this complex industry as the virtual assets space continues to rapidly mature. 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”.

Led by a sophisticated management team with talent from fintech, IT, virtual assets, investment, and legal background, Bybit is one of the fastest growing virtual assets platforms with its peak daily trading volume of $76 billion in May 2021. It is the third most digitally visited virtual assets business in the world.

Bybit’s new headquarters office is expected to commence operations in April 2022 and it has started the process of hiring talent and transferring existing teams and operations to their new home in Dubai.

The UAE’s new Dubai Virtual Asset Regulation Law was announced earlier this month. It aims to establish a regulatory framework for the sector designed to boost the industry by providing robust guardrails that protect investors, facilitate cross-border transparency, and assure global market integrity.

Re-disseminated by The Asian Banker

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