Bybit and Crypto.com exchanges follow FTX and Binance into Dubai

• Bybit exchange, based in Singapore, has announced it is relocating its headquarters to the UAE
• Crypto.com, on the other hand, is looking to establish a regional office in Dubai

Thanks to a fast-growing and friendly environment, the United Arab Emirates has been pulling big names in the cryptocurrency industry lately.

A fortnight ago, FTX exchange shared news that it had been granted approval to provide regulated trading and clearing services to users in Dubai. Less than 24 hours later, Binance announced that it was looking to set up shop and carry out regional operations in Dubai after securing a virtual asset licence.

Now, Bybit and Crypto.com have joined the two in establishing a presence in the Persian Gulf region.

Crypto.com, which shares a native home in Singapore, revealed in a Monday announcement that the new base would serve as the ‘anchor’ for the exchange’s presence in the region. The press release also added that the exchange would become the exclusive crypto exchange partner for the Investopedia Summit.

Bybit is setting up a new home

Bybit, on the other hand, has secured in-principle approval allowing it to set up ‘a full spectrum of virtual assets business’ in the UAE. The exchange confirmed in its joint press conference with the UAE Ministry of Economy that it wants to build a new home in Dubai so it can better offer services in the Middle East.

“[The exchange] 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,” a section of the PR read.

Bybit further intends to educate its customer base and the general public on matters crypto. The press release also detailed that the exchange will engage in ‘constructive dialogue’ with local authorities regularly.

The exchange plans to start conducting business next month, having already commenced the hiring process for new employees and migration of its existing employees.

The growing interest in Dubai comes on the back of the adoption of a virtual assets law looking to bring clarity to the region’s digital assets industry and ensure protection of investors.