The United Arab Emirates has welcomed Bybit and it is an indicator for the growth of the “next generation of Foreign Direct Investors (FDI)” in the UAE.
Cryptocurrency platform Bybit has received approval in principle to conduct virtual asset operations in Dubai. The company announced this news today, along with the UAE's Minister of Economy, at a joint press conference at the 2022 World Government Summit. Bybit also announced that it plans to move its global headquarters to Dubai. Bybit will offer a wide range of products and services worldwide as part of the Emirate's “test-custom-adjust” model for the virtual assets market.
Bybit emphasized that he is completely devoted to supporting the UAE government's legislative efforts and sharing his vast knowledge, experience and insight into the industry with all parties. Bybit has an important role to play in educating retail investors and the broader public on how to use virtual assets safely and responsibly, by helping the UAE manage risks within its responsible growth framework.
Dr Thani Al Zeyoudi, UAE Minister for Foreign Trade, Talent Attracting and Retention, said: “The decision to open Bybit's global headquarters in Dubai is a milestone that will further our efforts to position the UAE as a worldwide digital hub. Virtual assets such as cryptocurrencies and blockchain have radically changed the financial system. In order to stay one step ahead in this rapidly changing industry, we are building a business-friendly ecosystem with sound regulations to attract and retain high-growth companies in the UAE and give them more growth opportunities. This ecosystem will be of great benefit to the upcoming new generation of FDIs (Foreign Direct Investors). This will open up new business and investment opportunities. Thus, for those working in the virtual presence and web 3.0 sectors, the UAE will become one of the most attractive places in the world to live and work.”
Ben Zhou, Bybit's co-founder and CEO, said: “At Bybit, we look forward to contributing to innovations in virtual assets as part of the Emirate's vibrant economy and opening our global headquarters in Dubai. As the virtual presence space continues to evolve and mature at full speed, I believe we can help our stakeholders better understand this complex industry. This approval in principle is a unique opportunity for us to support Bybit's ambition to become a world-class technology hub for virtual assets in the UAE and its region.”
With its versatile management team led by professionals with experience in financial technology (fintech), information technology (IT), virtual assets, investment and law, Bybit is the fastest growing virtual asset with the highest daily trading volume of $ 2021 billion in May 76. one of its platforms. The third most visited digital asset platform in the world.
Bybit's new head office is expected to be operational as early as April 2022. The process of hiring new talent and transferring existing teams and operations to Bybit's new home, Dubai, has already begun.
The UAE's new Dubai Virtual Asset Regulation Act was announced earlier this month. With this regulation, it is aimed to establish a regulatory framework to support the industry by providing a solid structure that protects investors, facilitates cross-border transparency and ensures global market integrity.