UAE: Two Major Crypto Firms Set Up Headquarters in Dubai – News

Both Crypto.com and Bybit look forward to contributing to virtual asset innovation in the UAE’s vibrant economy

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The world’s two largest cryptocurrency platforms will have their regional and global headquarters in Dubai, announced Monday at the World Government Summit.

Global cryptocurrency platform Crypto.com will open its regional headquarters in Dubai, while Singapore-based cryptocurrency trading business Bybit is moving its global headquarters to the United Arab Emirates.

“We are opening our Middle East and Africa regional headquarters in Dubai. Running our business from here would be a great addition as the UAE is diversifying its industry and trying to be bold and create opportunities. Eric Anziani, COO of Crypto.com, said in a statement. “We’re here not only to gain more market share, but to create a broader ecosystem with more opportunities for all,” said Monday in a press conference at the World Government Summit.

The company, which has 10 million users and 3,000 employees, is currently looking for office space in Dubai, aiming to hire around 100 to 200 people, including engineers.

“We’re already looking for an office in Dubai with 100 to 200 people, including compliance. We’re looking for the right licensing setup. There’s a lot of talent in Dubai to support the operation,” he added.

“We are also mindful of the environmental impact the industry may have and are trying to develop technologies to reduce carbon emissions,” he added.

Bybit co-founder and CEO Ben Zhou said his company has received in-principle approval to launch a full-service virtual asset business in Dubai.

“Bybit looks forward to contributing to virtual asset innovation in the UAE’s vibrant economy and has our global headquarters in Dubai. I am confident that as the virtual asset space continues to rapidly mature, we can help stakeholders further understand this complex industry,” Zhou said.

“We will be moving a significant portion of our staff to Dubai from April and recruiting local recruiting and talent. Working with regulators here will further strengthen the local regulatory framework to share knowledge and expertise,” he added that Bybit has Grow into the third most visited cryptocurrency platform with over 10 billion daily transactions worldwide.

“We decided to move to Dubai because of its open-door policy and it’s also going to be a crypto hub… Plus, people have a high net worth and the local adoption of crypto is high. There are a lot of crypto industry people here, we Doors are being opened for them. Also, many crypto institutions are moving to Dubai,” he added.

The virtual asset industry is here to stay

Dr. Sani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, also spoke at the press conference and said that the virtual asset industry, which has already reached a $2 trillion market, will continue to exist, and the UAE aims to become This new center – age industry.

“As the world continues to change rapidly, we are working hard to create the economy of the future and strengthen our position as a virtual asset hub. We see great potential in virtual assets, so we are building a highly regulated ecosystem,” he added.

Speaking during a separate panel discussion at the World Government Summit, Helal Al Marri, director general of Dubai’s Ministry of Economy and Tourism, said the cryptocurrency and virtual asset industry will grow as long as there is an ecosystem that protects the vulnerable.

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“Virtual assets are a whole new ecosystem and we need to ensure that the UAE becomes a global capital. We are seeing talent come to the UAE and large corporations, banks and other multinationals are starting to creep into the field and choose the UAE. We can play in this space Important role. As long as there is an ecosystem that protects vulnerable groups, the industry will thrive,” added Al Marri.

Mohammed Al Shorafa, chairman of the Abu Dhabi Department of Economic Development, said they are working with the government to create an ecosystem and have the right framework in the UAE.

“We can attract a lot of big companies and create crypto assets in the UAE. So we are working hard with our partners. Cryptocurrencies are here to stay and grow, and we have to have a flexible regulatory framework,” he added.

-waheedabbas@khaleejtimes.com