The Middle East is fast becoming a favorite location for crypto-related companies, with Bybit and CryptoCom being the latest exchanges to receive a regulatory greenlight to operate in the region.
Bybit Sets up Headquarters in Dubai
Cryptocurrency exchange Bybit has disclosed that it plans to establish its global headquarters in Dubai after acquiring an operational license to offer its full products and services in the region.
The exchange is set to commence operations next month, Reuters reported Monday.
“Bybit has received in-principle approval to conduct a full spectrum of virtual assets business in Dubai,” the company said in a statement, adding that its headquarters is expected to commence operations in April.
CryptoCom to Opens Regional Office in Dubai
Popular crypto exchange CryptoCom also revealed that it plans to establish a significant presence in the United Arab Emirates (UAE) through a partnership with UAE-owned Investopia.
The crypto exchange will also launch a regional hub office in Dubai in the coming months.
Helal Al Marri, Director General of Dubai’s Department of Economy and Tourism, said in a statement highlighting that the UAE is working on improving the digital asset sector in the country to attract new forms and businesses.
Marri added that the UAE aspires to become the capital center for virtual assets and other sectors such as the metaverse.
Becoming a Crypto Friendly Hub
Meanwhile, in recent months, the Middle East has become a friendly clime for crypto entities that seek to expand their services with Dubai aiming to become a global crypto hub.
Earlier this month, Dubai issued FTX an operating license to allow the crypto exchange to offer its Exchange and Clearing Services to investors in the United Arab Emirates.
Similarly, the Central Bank of Bahrain (CBB) issued Binance an operational license to provide some of its services in the region following the company’s application to become a fully centralized exchange in the country.
As per the report, the license will also straighten Binance’s vision of establishing a significant presence globally while demonstrating its compliance to being properly regulated.
