by Popular crypto exchange, ByBit, has revealed today that the UAE has granted it an in-principle approval that will enable it to become a virtual asset service provider in the region. Part of ByBit’s official announcement regarding the approval states that the UAE’s economy ministry will make the approval official during the upcoming World Government Summit this year.
Relocating Its Headquarters To Dubai
Consequently, ByBit has confirmed that it will relocate its main headquarters to Dubai. It can offer its suite of crypto-related services and products through the region’s ‘test-adapt-scale’ model for players in the digital asset industry.
While commenting on the approval news, a top-level spokesman for the government said, “part of our objectives for this emirate is to position ourselves as a global crypto hub, and ByBit’s decision to relocate their headquarters to this place aligns with that objective.” He further said, “it is an indisputable fact that the global financial system will no longer remain the same due to the advent of blockchain and crypto. However, we ensure that our environment is business-friendly, while our regulations don’t repel high-growth firms. Thus, enabling us to keep pace with this fast-changing sector.”
“More importantly, we are already reaping the rewards of this policy as the level of direct foreign investment has grown sporadically recently. More VASPs are getting attracted to our environment, creating jobs and investment opportunities which further establish our environment as the best places for these VASPs,” the government executive added.
ByBit’s Transaction Volumes Soars
Market analysts predict that ByBit’s total daily transaction volume will likely hit $77B within the next two months. Thus, establishing the exchange as one of the fastest-growing VASPs globally. A recent data from Yandex and confirmed with Google shows that ByBit exchange’s website is the third most visited VASP website globally.
ByBit isn’t just relocating its headquarters to Dubai. It also wants to start operations as early as next month. Hence, the firm has been seeking to fill various positions for its new location. ByBit chief executive, Ben Zhou, remarked that “we are excited about what the future holds for our company as we relocate to this new location. I am convinced that we can provide a better understanding of this industry for stakeholders even as the number of VASPs continues to grow rapidly.” Zhou added that “this approval gives us the chance to contribute our quota to UAE’s ambition of becoming the best crypto hub globally for crypto players.”
Crypto.Com Also Launches Dubai Office
Before the announcement of ByBit’s in-principle approval hit the news, Crypto.com had officially confirmed that it would be opening a new regional head office in Dubai. Crypto.com’s coo remarked that “our goal of opening this head office here is to create more adoption for blockchain tech and crypto industry which falls in line with the authorities’ goals here in the UAE. Thus, we can create more opportunities (such as providing jobs for at least 200 people for a start) and expand the UAE’s vision of becoming the best crypto hub globally.”
