As part of the UAE efforts to create a strong digital economy, Dubai granted, today, crypto exchange Bybit, in-principle approval to conduct a full spectrum of virtual assets business in Dubai. The company said in a statement that its headquarters will commence operations in April.
In addition, BitOasis, one of the earliest cryptocurrency exchanges to set up in the UAE, said it has applied for a new licence from the Dubai Virtual Assets Regulatory Authority (VARA). The authority was formed earlier this month to oversee the sector in Dubai.
Similarly, Crypto.com, a major crypto exchange based in Singapore, in a statement said it wanted to establish a significant presence in the UAE and would be launching a substantial recruitment drive in coming months.
Moreover, Dubai granted, this month, virtual asset licenses to Binance, the world’s largest cryptocurrency exchange, and FTX Europe, a subsidiary of one of the largest crypto exchanges, FTX. FTX will also set up a regional headquarters in the city.
The UAE has been pushing to develop the virtual asset sector and regulation to attract new forms of business, with the aim to become a center for the metaverse and the virtual asset sector.
In this context, Helal Al Marri, Director General of Dubai Department of Economy and Tourism, stated at an investment conference in Dubai on Monday that the UAE aspires to become a global capital for virtual assets and other sectors like the metaverse.
“We see the talent movement coming here, we see major corporates, banks, other multinationals that are starting to tiptoe into the space, choosing the UAE as their home to do that,” he said.