Crypto.com, Bybit announce plans to set up operations in Dubai

Dubai: Cryptocurrency exchanges Bybit and Crypto.com announced plans to set up operations in Dubai, as the emirate steps up efforts to attract companies in the fast-growing industry.

Crypto.com said in a statement on Monday that it will set up a regional base in Dubai, and plans to establish a “significant” presence there. Bybit will move its global headquarters to the emirate, with operations starting as early as next month, after receiving in-principle approval to conduct a “full spectrum” of virtual-assets business in the UAE, it said in a blog post.

The exchanges join global rivals like Binance Holdings ltd and FTX in expanding in the UAE, which is seeking to develop a crypto-friendly reputation even as other financial centers tighten oversight. Singapore, where Crypto.com is based, earlier this year instructed crypto companies to refrain from consumer-facing marketing in a bid to limit speculation in digital assets.