UAE: 2 Major Crypto Firms Headquarters in Dubai – News

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

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

Global cryptocurrency platform Crypto.com will open its regional headquarters in Dubai, while Singapore-based cryptocurrency exchange Bybit will move its global headquarters to Dubai.

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

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

“We’re already looking for a 100 to 200 person office in Dubai, including compliance. We’re looking for the right licensing setup. There’s a lot of talent in Dubai that can support operations,” he added.

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

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

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

“We will be moving most of our staff to Dubai from April and recruiting local talent. Working with regulators here will further strengthen the local regulatory framework to share knowledge and expertise,” he said, adding that Bybit has grown Became the third most visited cryptocurrency platform with more than 10 billion transactions per day worldwide.

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

Dr. Thani 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 reached a $2 trillion market, will continue to exist and that the UAE aims to become the center of this new-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 hub for virtual assets. We see great potential in virtual assets, so we are building an ecosystem with strong regulation,” he added.

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

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

Mohammed Al Shorafa, chairman of the Abu Dhabi Department of Economic Development, said that they are working with the government to create an ecosystem and have a suitable 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