Bybit receives approval to conduct virtual asset business in UAE

Bybit, a cryptocurrency exchange company, has received in-principle approval to conduct a full spectrum of virtual asset business in Dubai, the company announced at the World Government Summit 2022 during a joint press conference with the UAE Ministry of Economy.

Bybit also announced plans to establish its global headquarters in Dubai, where it will offer a full suite of products and services under the Emirate’s “test-adapt-scale” virtual assets market model.

Bybit stated that it is fully committed to supporting the UAE government‘s regulatory efforts and that it wishes to share its extensive industry knowledge, experience, and insights with all stakeholders. Bybit plays a critical role in educating retail investors and the general public on how to use virtual assets safely and responsibly, assisting the UAE in managing risks within a framework for responsible growth.

“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,” said H.E. Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade and Minister in Charge of Talent Attraction and Retention. “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 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.”   

“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,” said Ben Zhou, co-founder and CEO of Bybit. 

Bybit’s new headquarters office is expected to open in April 2022, and the company has begun the process of hiring new employees and relocating existing teams and operations to Dubai.

Earlier this month, the UAE announced the new Dubai Virtual Asset Regulation Law. It seeks to establish a regulatory framework for the sector with the goal of boosting the industry by providing strong safeguards that protect investors, facilitate cross-border transparency, and ensure global market integrity.