Dubai recently revealed the criteria for obtaining a license for cryptocurrency firms.
- Bybit, a cryptocurrency exchange, announced on Monday that its global headquarters had opened in Dubai.
- The launch occurs almost a year after it first announced plans to establish itself in the emirate based on in-principle approval to relocate its global headquarters to the city.
- According to Ben Zhou, CEO and co-founder of Bybit, “Dubai is optimally positioned to capture the opportunities in the sector as one of the most progressive digital assets hubs in MENA and the world.”
- Bybit, like plenty of other firms in the industry, had to endure layoffs during the recent crypto winter. In addition, Bybit had to deal with penalties and a derivatives trading ban in Brazil.
- The United Arab Emirates (UAE) consists of seven emirates, and Dubai is one among them. It aims to become a major hub for cryptocurrencies in the region.